Indian IT heavyweights are under renewed pressure today following a disappointing fiscal update from global consultancy giant Accenture. The firm lowered its revenue growth guidance for the upcoming year, citing a significant slowdown in discretionary technology spending.
This downward revision has acted as a catalyst for a broader market correction, with Indian ADRs listed in the U.S. bearing the brunt of the fallout. Investors responded aggressively, sending shares of Infosys plummeting by nearly 10%, while Wipro faced a decline of approximately 4%.
The market reaction underscores deep-seated anxieties regarding enterprise appetite for new software projects. While spending on cloud infrastructure and artificial intelligence remains a bright spot, many firms are tightening budgets for non-critical digital transformation initiatives.
Investors are now closely monitoring local exchanges for the upcoming session, where TCS, HCLTech, and other major players are expected to face significant headwinds as the sector recalibrates to reflect these cooling demand trends.
