IT stocks tumbles after Accenture cuts FY24 guidance

Shares of 10 IT companies witnessed substantial selling on Friday as IT bellwether, Accenture cuts FY24 earning forecast on clouded outlook.

The Nifty IT index slipped 2.33% to 35,188.40. The index rose 0.78% in the past trading session.

LTIMindtree (down 3.03%), Infosys (down 2.95%), Coforge (down 2.85%), Wipro (down 2.69%), Persistent Systems (down 2.55%), HCL Technologies (down 2.41%), Tech Mahindra (down 2%), Mphasis (down 1.84%), Tata Consultancy Services (down 1.66%) and L&T Technology Services (down 1.36%) tumbled.

The IT giant for fiscal 2024, expects revenue growth to be in the range of 1% -3% from 2%-5% previously.

Looking at the revenue growth region wise, North America has flat growth while Europe, the Middle East, and Africa region had a growth of nearly 1%.

For fiscal 2024, the company continues to expect operating cash flow to be in the range of $9.3 billion to $9.9 billion; and free cash flow to be in the range of $8.7 billion to $9.3 billion.

Accenture listed on the NYSE saw major sell-off over 9%.

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