Indian IT stocks tumble as Accenture "pours water" on hopes of rebound in demand

FILE PHOTO: A man walks past the new logo of the Bombay Stock Exchange (BSE) building in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo

BENGALURU (Reuters) - Shares of Indian IT services firm tumbled more than 3% on Friday, a day after Accenture cut its fiscal 2024 revenue forecast, dashing hopes of a rebound in demand recovery.

The Nifty IT index fell 3.2%, with industry bellwethers Infosys and Tata Consultancy Services declining 3.5% and 2.7%, respectively.