economy
Indian IT stocks slump up to 7% as Accenture cuts revenue outlook, fueling fresh concerns over sector growth
Shares of major Indian IT companies fall up to 7% after global sector leader Accenture cuts its revenue guidance.
TL;DR
- Indian IT stocks dropped as much as 7% on Friday.
- Tata Consultancy Services, Infosys, and Tech Mahindra shares saw declines.
- The Nifty IT Index fell by over 5%.
- Accenture lowered its revenue growth guidance for FY26 to 3%-4% from 4%-5%.
- Accenture CEO Julie Sweet mentioned a revenue miss and Middle East impact.
- Citi expressed caution on the Indian IT sector due to AI disruption, competition, and macro uncertainty.