Indian IT stocks slide sharply, mirroring US tech market fall; LTIMindtree, Infosys dive over 7%

New Delhi (PTI): IT stocks tumbled on Wednesday morning trade, in-line with heavy selloff in tech companies in the US.

Shares of LTIMindtree dropped 7.57 per cent, Persistent Systems tanked 7.53 per cent, Infosys plunged 7.30 per cent and Tech Mahindra tumbled 6.55 per cent on the BSE.

The stock of Wipro declined by 6.57 per cent, HCL Technologies tanked 6.40 per cent, Tata Consultancy Services dropped 6 per cent and Hexaware Technologies edged lower by 5.29 per cent.

The BSE IT index declined by 5.83 per cent to 34,984.16.

"US markets fell overnight led by losses in tech shares. Investors seemed shifting capital from high-value tech stocks to broader economy stocks. At close, Dow, S&P 500, Nasdaq were down by 0.3 per cent, 0.8 per cent, 1.4 per cent respectively," according to SBI Securities.

The Nasdaq Composite index tumbled 1.43 per cent on Tuesday.

IT stocks were the biggest drag for the markets. The 30-share BSE Sensex traded 140.22 points lower at 83,604.59. The 50-share NSE Nifty quoted 14.35 points down at 25,721.45.