Tech Slump: Indian Stocks Slide After Accenture Downgrade

  • Leading global IT firm Accenture revises its 2024 revenue forecast downwards, citing economic uncertainty and lower client spending.
  • This triggered a sell-off in Indian technology stocks on Friday, March 22nd.
  • Major players like Infosys, HCL Tech, and Wipro saw significant declines, dropping between 3% and 6%.
  • The Nifty IT index, a benchmark for Indian IT companies, also witnessed a sharp decline.
  • Analysts suggest investor caution due to concerns about a potential slowdown in IT spending globally, mirroring Accenture's revised guidance.
  • The tech sector's performance in the coming quarters remains to be seen.

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