Infosys, Wipro ADRs slump on NYSE as Accenture offers bleak growth outlook
Infosys and Wipro slumped in trade on Thursday on the New York Stock Exchange as peer Accenture Plc’s growth guidance left investors in dismay.
Accenture, which released its earnings for the three months ended August, guided a meagre 2-5% growth in annual revenue in the backdrop of a subdued business environment for IT services.
Accenture follows the September-August financial year. For the quarter ending November, the IT major expects revenue to be in the $15.85-16.45 billion range.
This implies a fall of up to 2% at the lower end in local currency terms and a maximum of 2% growth at the upper end of the guidance.
The ADRs of Infosys dropped a gnarly 3% to $16.96, and those of Wipro fell 2.5% to $4.83 on the NYSE.
Their shares could see a fall in trade on Friday. On Thursday, Infosys shares ended 2% down at Rs 1,439.45, and Wipro lost 2.5% to Rs 405.36.
Dalal Street investors will be closely tracking the September quarter results of Indian technology companies which will be released in October.
While releasing the June quarter earnings, sector major Infosys sharply reduced its FY24 growth guidance in view of the global macroeconomic slowdown.
