IT, Pharma under pressure; Infosys, TCS, Sun Pharma take a hit

NEW DELHI: Stocks in IT and pharma sector took a beating for a second consecutive session on Monday, slipping as much as 7%, weighed down by the rupee which hit its strongest in 11 months against the dollar.

The rupee hit a low of 58.37 per dollar, its strongest since June 18, 2013. The USD/INR pair had closed at 58.79/80 on Friday.

Both BSE Healthcare and IT index slipped more than 4 per cent in trade today, led by losses in Infosys, TCS, HCL Technologies and MindTree.

Infosys, TCS,, HCL Technologies and MindTree were among top losers.

The BSE Healthcare Index also slipped, led by losses in Sun Pharma, Ipca Labs, DRL, Ranbaxy Aurobindo Pharma, Glenmark, Lupin, among other stocks.

Sun Pharmaceuticals was the top loser in the pack.

Lupin, Glenmark Pharma, Wockhardt, Aurobindo Pharma, Ranbaxy, Ipca Laboratories were other major losers in the pharma pack.