Indian IT Stocks Tumble Up to 8.7% as Accenture Warns of Slower Growth
Updated
Updated · Bloomberg · Jun 19
Indian IT Stocks Tumble Up to 8.7% as Accenture Warns of Slower Growth
3 articles · Updated · Bloomberg · Jun 19
Summary
Infosys sank 8.7% in Mumbai and Tata Consultancy Services fell as much as 6.5% on Friday, sending Indian software stocks sharply lower.
Accenture triggered the selloff after forecasting slower revenue growth, reinforcing worries about weakening demand across the global IT services sector.
Infosys also tracked a 10% overnight drop in its US-listed shares, while Asian peers including NEC and BayCurrent declined in the broader tech retreat.
The latest slide deepens a brutal year for the sector, which has already lost nearly 30% of its market value.