Shares of Indian IT companies including Infosys, HCLTech, TCS, Wipro and others dropped up to 3% on Monday as stronger-than-expected US jobs growth data boosted bets of a September interest rate hike by the Federal Reserve.
The Nifty IT index dropped over 2% to trade at 30,082 on Monday, leading losses among all the major sectoral indices on the stock market. Infosys, LTI Mindtree and Mphasis shares dropped around 3% each, while those of Tech Mahindra, OFSS, Coforge, HCL Technologies, Wipro, Persistent Systems and TCS fell 1-2%.
