Accenture outlook cut triggers Indian IT stock selloff (opens in new tab)

Accenture cut the top end of its full-year revenue growth forecast to 3%–4% from 3%–5% after reporting fiscal third-quarter results, and investors focused on weaker signals including bookings and client demand. Accenture shares fell as much as 20% and closed about 18% lower, reaching their lowest level since 2017. The forecast hit Indian IT stocks on June 19, with Infosys, TCS, HCLTech, Tech Mahindra and Wipro among the major decliners as investors treated Accenture's outlook as a read-throug...