Recently Accenture announced its full-year revenue growth of 1%-3%, which was lower than its expectations of 3%-5%. This resulted in its share price slumping by 9% on the NYSE.
This crash also resulted in other IT stocks like Infosys and Wipro witnessing a reduction in ADR (American Depository Receipt) shares.
This global price drop impacted the Indian IT shares on the NSE and led the Nifty IT price down by 3%.
The prices of major Indian IT stocks including TCS, Wipro, Infosys, HCL technologies, and more are in red on Friday compared to their previous closings.
The impact of the IT stock drop is also visible on the Nifty 50 and Sensex on Friday during the first two sessions.
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