Nifty IT crashes 5.5% as profit booking hits stocks

The Nifty IT index plunged 5.5% on June 3, snapping a three-day rally as investors booked profits after Tuesdays 4.26% surge. TCS and Tech Mahindra fell nearly 6%, while Infosys dropped around 5%. Weak global risk sentiment, elevated crude oil prices and concerns over US interest rates added pressure on technology stocks.