Indian IT stocks witnessed a sharp selloff on June 19, with the Nifty IT index plunging more than 5% after global technology consulting giant Accenture lowered the upper end of its FY26 revenue growth guidance. The weak outlook reignited concerns around slowing technology spending, AI-led disruption, and near-term demand visibility across the global IT services sector.
At the time of filling this story, according to NSE live data, the Nifty IT index fell 5.19% to 26,989.15 during intraday trade, with nine of its ten constituents trading in the red. The index touched an intraday low of 26,634.50, while market breadth remained weak with only one stock advancing against nine declining stocks.
Infosys Leads Losses As IT Heavyweights Slide
Infosys emerged as the biggest loser within the index, declining 7.56% to RS 1,042.30. Tata Consultancy Services (TCS) dropped 5.67% to RS 2,078.40, while Tech Mahindra fell 4.88% to Rs 1,377. Other major laggards included LTIMindtree, down 5.48%, Persistent Systems, down 4.68%, and HCLTech, which slipped 3.77%.
NSE data also showed significant pressure across mid-tier IT companies. Wipro declined 2.82% to Rs 177.68, Mphasis fell 4.14% to Rs 2,239.90, and Coforge lost 2.45% to Rs 1,446.60.
Oracle Financial Services Software (OFSS) was the only stock trading higher, gaining 0.52% during the session.
The sharp decline pushed several IT stocks closer to their 52 week lows. Infosys traded near its annual low of Rs 1,030, while TCS, HCLTech and LTIMindtree also remained significantly below their respective 52 week highs.
Accenture’s Weak Guidance Sparks Fresh Concerns
The selloff was triggered after Accenture reported quarterly results and lowered the upper end of its annual revenue growth forecast. The company cited weakness in parts of its business and highlighted revenue headwinds, particularly in West Asia operations. Accenture shares fell sharply in the US market, dragging sentiment across global technology stocks.
Market participants often view Accenture as a bellwether for the global IT services industry because of its exposure to enterprise technology spending. As a result, any slowdown signalled by the company is closely monitored for its implications on Indian outsourcing firms such as Infosys, TCS, HCLTech and Tech Mahindra.
The latest guidance cut has raised concerns that discretionary technology spending remains under pressure and that clients continue to delay large transformation projects amid macroeconomic uncertainty.
