Indian rupee hits fresh low against UAE dirham

Indian rupee hits fresh low against UAE dirham

Bengaluru: Indian shares fell on Monday, as IT services major Tata Consultancy Services dragged down technology companies after posting weak results last week, while the rupee hit another low. The NSE Nifty 50 index was down 0.44 per cent at 16,148.85 at 9.22am UAE time, while the S&P BSE Sensex fell 0.54 per cent to 54,187.57. The Indian rupee weakened to an all-time low against the US dollar amid weaker domestic equities and concerns about global economic growth supporting the safe-haven greenback. It was at 21.62 to the UAE dirham at 9.22am. Shares of TCS fell as much as 4.6 per cent to hit a three-week low, after it missed quarterly profit estimates by a wide margin on Friday, as employee-related expenses soared. The index heavyweight also pulled down tech index by 3.1 per cent. “For IT, the results are disappointing. Market had this view already over higher attrition and fear of recession and that’s why stocks have been correcting. After some stability the stocks have started to correct again,” said AK Prabhakar, head of research, IDBI Capital Market. Expenses for TCS jumped, while margins eroded with the order book remaining nearly flat year-on-year. Bucking the trend, D-Mart owner Avenue