Brexit will create uncertainty but may not hit IT cos much-:- Equity Research

Brexit is a minor hiccup and it does not pose any significant threat to the Indian information technology companies in the long term, feels Vineet Nayyar, Executive Vice Chairman of Tech Mahindra   . Particularly in the banking, financial services and insurance (BFSI) space right now, emergence of advanced technology in the Fintech space is a major trend which could pose a challenge, he adds.  Speaking to CNBC-TV18 Nayyar says Brexit cannot really be blamed for Infosys   losing out on the Royal Bank of Scotland (RBS) deal. “The only thing that can hit technology right now is technology itself,” he says. Sudin Apte, CEO & Research Director of Offshore Insights also shares the same opinion. He believes the next 2-4 quarters could be tough for the IT industry. UK and European banks have already been under tremendous cost pressure and Brexit creates uncertainty resulting in slower initiatives and consequently fewer IT projects, Apte says.