IT stocks bear the brunt

Infotech stocks are on a free fall on Dalal Street. With the rupee soaring by another 72 paise to hit the four-year high of 43.55 against the dollar on Wednesday, infotech companies and investors are getting jitters.

In three sessions so far, the BSE information technology index has lost 5.3 per cent from a high of 1,787.32 on March 26, 2004. Reason: infotech companies get 60 per cent of their earning in dollars.Blue chips like Infosys Tech, Satyam Computer, Wipro, HCL Tech, Mphasis BFL, Moser Baer, Polaris Labs, Hinduja TMT and Patni Computer bore the brunt. 8216;8216;The fall in software stocks is mainly on concerns over growth in the sector on the back of the sustained rise in the rupee, which is expected to put a huge pressure on the companies8217; bottom lines,8217;8217; said Venkat Aiyar, a BSE dealer.