Infosys, Wipro ADRs crash up to 7% as IBM warning sends ripples across IT sector

Indian IT ADRs fell sharply after IBM warned of weaker-than-expected Q2 results, with revenue guidance of $17.2 billion and adjusted EPS of $2.93, both below Street estimates. Infosys ADRs dropped 7 percent and Wipro ADRs fell 3 percent as concerns mounted that clients are diverting discretionary tech spending towards AI infrastructure like servers, storage and data-centre capacity, potentially delaying software and IT services contracts.