Explained: Why Accenture's warning sparked a Rs 1.35 lakh crore meltdown for TCS, Infosys, other IT stocks

Indian IT stocks suffered a Rs 1.35 lakh crore market cap erosion as the Nifty IT index crashed 6 percent, with Infosys falling over 8 percent and TCS, Mphasis, Tech Mahindra, LTIMindtree, HCLTech and Persistent declining 5-6 percent each. The rout was triggered by Accenture's 18 percent plunge on Wall Street after it lowered the top end of its FY26 revenue growth guidance by 100 basis points to 3-4 percent, with weak consulting growth of just 1 percent YoY signalling broader demand softness. Brokerages including Jefferies and Nomura turned cautious, flagging further derating risks as Indian IT majors trade at a 70 percent premium to Accenture and AI-led structural concerns persist.