HCL Tech, TCS, Infosys, other IT stocks drop up to 5%. Blame it on Accenture

Shares of IT heavyweights Infosys, HCL Tech, Wipro and TCS fell between 3-5% each on Friday morning after Accenture, a key peer of Indian IT services companies, reduced its FY24 revenue guidance to 1-3% YoY on delayed decision making and weak discretionary spends.

The impact was felt across all major IT stocks with the Nifty IT index falling 3%. The technology index has corrected nearly 9% in the last one month due to muted guidance provided by some of the global services peers for CY24.