The IT stocks witnessed one of the sharpest declines on Friday as the Nifty IT Index was down over 5 per cent with all the participants of the index, including Infosys, TCS, Tech Mahindra, and others, plummeting up to 8 per cent. Last seen, the NSE IT index was trading at 26,993.10, down 1,473.35 points or 5.18 per cent.
IT Stock Today
Infosys Share Price: The IT giant shares plummeted over 8 per cent to hit a 52-week low at Rs 1,030 per share on NSE. Last seen, the stock was trading at 1,042, down 7.58 per cent or Rs 85.50.
TCS Share Price: The shares of Tata Consultancy Services plunged nearly 6 per cent to hit a 52-week low at Rs 2,059.90. Last seen, the IT blue-chip stock was trading at Rs 2,085.60, down 5.34 per cent or Rs 117.70.
Tech Mahindra Share Price: The shares of Tech Mahindra tanked nearly 5 per cent to hit a low at Rs 1,344 per share on NSE. Last seen, the stock was trading at 1,380, down 4.68 per cent or 67.70 points.
Other IT Stocks
Last seen, HCL Tech was down 4 per cent, Wipro was trading nearly 3 per cent down, and LTM was quoted 5 per cent down.
Why are IT stocks falling today?
IT stocks tumbled after global tech giant Accenture trimmed its full-year revenue growth guidance, nudging its constant-currency revenue growth guidance down to 3–4 per cent (from 3–5 per cent), and its core commercial guidance down to 4–5 per cent (from 4–6 per cent).
Accenture has ensured that clients take great care of their wallets.
According to analysts, because Indian IT companies rely heavily on the same global pipeline for the tech projects they are considering, this change in Accenture's forecast is a major warning to the entire sector, causing investors to sell.
Disclaimer: This story is for informational purposes only. It should not be considered as investment advice.