MUMBAI, June 22, 2026, 02:33 (IST)
- Infosys ended at ₹1,051.40, off 6.75%. Shares hit ₹1,030 in Friday’s trade.
- Accenture trimmed its local-currency revenue growth forecast for fiscal 2026 to 3%-4%, dragging Indian IT names. Infosys, TCS and HCLTech all fell.
- Investors have four sessions this week to look over IT stocks, with markets shut June 26 for the Muharram holiday.
Infosys comes into this week facing renewed selling after shares slid 6.75% Friday to close at ₹1,051.40. The stock touched ₹1,030 during the session and saw turnover above 45.6 million shares.
The drop is key now as it put pressure on the market’s bet that India’s big IT exporters were nearing a demand rebound. Accenture, seen as a bellwether for Indian tech by many investors, cut the top of its fiscal-year growth forecast. That points to choppy client spending. “Local currency” growth takes out currency effects for a clearer picture of demand. Accenture Newsroom
Indian cash markets were still closed at the dateline. The normal equity session for NSE is 09:15 to 15:30 IST, with pre-open coming earlier.
Indian IT shares sank across the board. The Nifty IT index hit a three-year low on Friday, Reuters said. TCS, Infosys and HCLTech dropped between 4% and 8% after Accenture warned of deal delays and trouble in its Middle East unit. IT stocks in India have lost about 29% so far this year. The sector has lagged the main Nifty 50, which is down 8.3%.
The market is still waiting for growth, Mayuresh Joshi, head of equity research at William O’Neil & Co, told Reuters, saying that “growth, which is clearly missing,” remains an issue even if current order books support revenue. Joshi said Indian IT firms must “get their act together very fast” as hyperscalers and platform companies keep moving into enterprise tech. MarketScreener
Some analysts didn’t mince words. Harshal Dasani, business head at INVasset PMS, told ETMarkets that Indian IT services stocks with single-digit growth were “expensive, not cheap.” Sandip Sabharwal of asksandipsabharwal.com called large-cap Indian IT mainly “trading plays,” not long-term bets for now. The Economic Times
Infosys’ numbers don’t look soft on their own. For fiscal 2026, revenue hit $20.16 billion, up 3.1% in constant currency. Large-deal TCV came in at $14.9 billion, and the company guided for fiscal 2027 revenue growth of 1.5%-3.5%. CEO Salil Parekh said FY26 was a “resilient performance” with “strong large deal wins.”
The tension in Infosys stock is clear. The company has landed deals and is pushing its AI-first approach, but the stock price is being set by whether those deals lead to faster revenue growth instead of just a fatter order book. Discretionary spending keeps dragging, as clients hold back on tech projects when budgets get tight.
The risk isn’t one-sided. A turnaround could show up if big deals pick up, AI shifts from tests to actual dollars, and U.S. clients start spending more. But the downside is rougher: slower decisions, pushed-out projects, new pressure from AI efficiency, and cheaper valuation multiples if the market decides old-school IT services stocks shouldn’t command top tier prices.
Infosys will report June-quarter earnings on July 23. Its quiet period started June 16 and goes through July 22, leaving the stock trading on sector moves, Accenture signals and index flows, not fresh commentary from management this week.
