India's leading IT services firm, Tata Consultancy Services saw its shares dip 3.6 percent this morning amid concerns that its customers in the banking sector will be affected by the global economic uncertainties.

The shares fell 3.6 percent to Rs. 1,064.80 at the time of reporting early this morning on the Bombay Stock Exchange (BSE). The Rs. 1,064.80 level is its lowest since 25 November when the shares of the Tata group firm fell 5.3 percent. The fall was significant as the benchmark Sensitive Index of the BSE rose 0.2 percent.

Chief Executive Officer N. Chandrasekaran had said yesterday that discretionary spending by US firms might be delayed as there will be more due diligence in the country amid continuing global economic issues.

The global spending on information technology services is expected to grow at the rate of 3.1 percent to $874 billion compared to a growth rate of 6.9 percent in 2011, according to data from research firm, Gartner.

The company had reported an increase in profits to Rs. 28.9 billion in the quarter till 31 December. The figure was above the expected 28.3 billion-rupee by analysts.