UK votes for Brexit is final as "Leave' gets 51.8 percent votes.
'Leave' needs 37,665 more votes to win. HSBC cuts UK pound forecast to $1.20 by year-end. Currently, pound trades at 1.3383 a dollar, down over 10 percent. Equity markets extended loses with the Sensex falling more than 1000 points.
Tech Mahindra on Brexit: With Brexit becoming imminent how it would impact the Indian information technology companies that are exposed to UK, is the big question. Vineet Nayyar, Executive VC, Tech Mahindra does not see a significant impact on Indian IT companies. According to him the sterling may fall but it will have only a marginal impact for them. He said, they keep facing these kind of currency problems time and again. Although their exports to UK form 20-25 percent of their total revenues, he is not overly worried because the currency will float back according to him. “These are temporary movements, UK economy is strong,” he said.
The market remained under pressure in morning trade, tracking weakness in global peers after the Brexit is imminent. The 30-share BSE Sensex plunged 926.10 points or 3.43 percent to 26076.12 and the 50-share NSE Nifty fell 289.80 points or 3.50 percent to 7980.65. The market breadth was pathetic as about 12 shares declined for every share advancing on Bombay Stock Exchange. Asian markets hit very badly with the Nikkei falling 1100 points and Hang Seng down 4.7 percent.
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