Indian IT stocks slump up to 7% as Accenture cuts revenue outlook, fueling fresh concerns over sector growth

CNBC June 19, 2026 5 views

Stocks of major Indian information technology companies fell as much as 7% on Friday.
Infosys led sector declines as the Nifty IT index dropped more than 5%.
Citi warned AI disruption and economic uncertainty could pressure growth.
Stocks of major Indian information technology companies fell as much as 7% on Friday after global professional service giant Accenture lowered its revenue guidance, souring sentiment toward the sector.
"On the revenue side, we missed revenue consensus by $90 million, and we had a $100 million impact from the Middle East," Accenture CEO Julie Sweet told CNBC's Squawk on the Street on Thursday, discussing the company's third-quarter results.

Global brokerage Citi said Thursday it remains cautious on the Indian IT sector, noting that the Nifty IT index trades around 16 times one-year forward earnings, while Accenture trades at 10 times.
"We have been cautious given AI disruption, increased competitive intensity, GCC trends, etc.; the macro uncertainty increases the challenges near term," as per Citi's note.
<small>Source: CNBC</small>

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