Accenture outlook drags tech stocks

IT stocks faced heavy drubbing on Friday, with Infosys declining nearly 7%, after global tech giant Accenture trimmed its full-year revenue growth guidance.

- Press Trust of India

Shares of Infosys tanked 6.69%, LTIMindtree Ltd fell by 4.12%, Tata Consultancy Services dropped 3.53%, HCL Tech declined 2.74%, Tech Mahindra edged lower by 2.47% and Wipro dipped 1.20% on the BSE.

Together these firms faced an erosion of ₹77,597.46 crore from market valuation. The BSE IT index tanked 3.57%.

“The IT index experienced a sharp correction, driven by Accenture’s softer outlook, which has heightened concerns over discretionary and digital spending,” Vinod Nair, head of Research, Geojit Investments Limited, said.

Shares of Infosys dived 8.59% in intraday trade, Tech Mahindra tumbled 7%, TCS tanked 6.52%, HCL Tech dropped 6%, LTIMindtree Ltd slumped 5.95% and Wipro fell by 4.29%.