IT stocks in India witnessed a massive selloff on June 19 from the morning bell, starting with a sharp fall in Accenture shares and eventually triggering a bloodbath that is estimated to have wiped out nearly Rs 2 trillion (2 lakh crores) of investor wealth in the first few hours of a bloody Friday.
The Nifty IT index crashed over 5%, hitting a 52-week low around 26,634, as global bellwether Accenture’s dismal earnings triggered widespread concerns about sluggish demand recovery.
As per reports, IT giant Accenture reported Q3 FY2026 revenue of $18.7 billion, with EPS of $3.80 beating estimates. However, it narrowed its full-year revenue growth guidance to 3-4% in local currency (from 3-5%), citing weak outsourcing bookings, client budget shifts toward AI without overall spending increases, softness in U.S. federal business, and geopolitical headwinds. New bookings slipped to $19.3 billion from $19.7 billion.
All 15 top losers in the Nifty 500 index during the morning trade are IT stocks.
Taking Aceenture’s cue, most major Indian IT firms stumbled on Dalal Street. TCS fell nearly 6% to around ₹2,06, Infosys dropped nearly 8% (hitting multi-year lows), Wipro and Tech Mahindra declined 6%, and HCLTech lost over 5%. ADRs of Infosys and Wipro had plunged 7-10% overnight in the US.
The massive global IT selloff is a global phenomenon. Accenture has fallen 18% in the USA in a single day, while Cognizant and IBM saw a 5-10% plunge, affecting most major IT services firms as well. In Europe, Capgemini plunged 9% in Paris. Indian ADRs have already tumbled overnight in the US.
Experts have cited weak outsourcing bookings, heavy budget shifts toward AI without overall spending increases, volatility in US federal business, and geopolitical ups and downs as the reasons behind the massive selloff and uncertainty.
