Shares of information technology (IT) companies were under pressure on Wednesday with sector giant Tata Consultancy Services (TCS) and Wipro hitting their respective 52-week lows on the National Stock Exchange (NSE) in the early morning trade on concerns over potential impact from COVID-19 (Coronavirus).

Nifty IT index, the top loser among the key sectoral indices, too hit its 52-week low of 14,356, down 3.4 per cent on the NSE. The index was at its lowest level since January 15, 2019, when it had touched 14,262 points in the intra-day trade.

Wipro slipped over 2 per cent in the morning trade on Friday after the company announced that Chief Executive Officer (CEO) and Managing Director (MD) Abidali Z Neemuchwala has decided to step down due to family commitments.

Neemuchwala, 52, is leaving due to family commitments and will continue to hold office until a successor is appointed, said Wipro in a regulatory filing.

Shares of information technology (IT) services were trading in the red in the early trade on Tuesday as the rupee hit around one month-high against the US dollar. The domestic currency opened at 70.96 against Monday's close of 71.04.

At 09:51 am, the Nifty IT index was trading over a per cent lower at 14,977 levels with all the 10 constituents in the negative territory.

Anil Chugh, chief executive of Wipro’s consumer care business, India, said their soap brand, Santoor, has a strong presence in the rural market.

Referring to an earlier announcement on the proposal to acquire ITI, Wipro, in a BSE filing on 4 October, said that “the said acquisition has been completed on October 3, 2019."

In a regulatory filing on Wednesday, Wipro said it had bought back 32.3 crore equity shares under the buyback scheme at Rs 325 apiece, and the total amount utilised was about Rs 10,499.99 crore.