Indian IT stocks tumble as Accenture "pours water" on hopes of rebound in demand [Yahoo! Finance]
Infosys Limited American Depositary Shares (INFY)
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Source: Yahoo! Finance
BENGALURU (Reuters) - Shares of Indian IT services firm tumbled more than 3% on Friday, a day after Accenture cut its fiscal 2024 revenue forecast, dashing hopes of a rebound in demand recovery. The Nifty IT index fell 3.2%, with industry bellwethers Infosys and Tata Consultancy Services declining 3.5% and 2.7%, respectively. The duo had posted better-than-feared quarterly results in January, sparking hopes of a revival in demand from banking, financial services and insurance clients, especially in the U.S. key market, after over of a year of clients cutting budgets and delaying, or even cancelling, contracts. But Accenture chopping its revenue growth forecast to 1% to 3%, from 2% to 5%, "pours water on the rebound narrative," Ashwin Mehta of Ambit Capital said in a note. The company's "indication of a pullback in smaller deals persisting, more constraints on client spending and slow decision-making were negatives," Mehta said. The Nifty IT index has risen 3.7% since Infosy
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