Even as Brexit is likely to be a reality with Britain voting tilting towards 'Out', Vineet Nayyar, Executive VC of Tech Mahindra sought to allay fears.
Even as Brexit is likely to be a reality with Britain voting tilting towards ‘Out’, Vineet Nayyar, Executive VC of Tech Mahindra sought to allay fears of possible negative impact on the Indian IT sector.
In an interview with CNBC-TV18, Nayar said, “I don’t see any significant impact on India as far as the IT side is concerned.” “There will be a fall in sterling, that is obvious, however, we see currencies going up and down all the time. Dollar also keeps fluctuating but Indian IT companies seem to manage fine,” he said. “So, really I think Indian IT will adjust to Brexit as well,” Nayyar added.
The pound collapsed to its lowest level since 1985 as the unit took a beating on fears that Britain will vote to leave the European Union, in what critics warned would be a hammer blow to financial markets.
The unit tumbled to $1.3466, its weakest level in three decades, according to Bloomberg data.
Meanwhile, Sensex nose dived 940 points as leads showed ‘Leave’ camp ahead in ‘Brexit’ referendum vote, Nifty tanked as much as 281.50 points. Rupee also plunged 74 paise against US dollar to 67.99 in early trade.
Tata Motors shares plunged as much as 13 per cent on Brexit jitters. The scrip was trading 8.62 per cent down at Rs 445.95.
(With inputs from Agencies)