Shares of information technology companies such as TCS, Infosys, Wipro, HCL Tech, and Tech Mahindra tumbled up to 8% on Friday after Accenture lowered the upper end of its annual revenue growth forecast, reigniting concerns over weakness in discretionary technology spending.
TCS, India's largest IT company, dipped 5.4% to their day's low of Rs 2,083, while Infosys tumbled 8% to their day's low of Rs 1,041 on the BSE. Wipro shares were down over 4%, while HCL Tech, and Tech Mahindra were down over 5% each. Nifty IT index tumbled 6%, the worst performing index on June 19. Overnight, Infosys ADRs fell 10%, while Wipro ADRs dropped nearly 4%.
