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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