FILE PHOTO: Accenture PLC logo is seen on a smartphone in front of displayed same logo in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoBENGALURU : Shares of Indian IT services firm tumbled more than 3 per cent on Friday, a day after Accenture cut its fiscal 2024 revenue forecast, dashing hopes of a rebound in demand recovery.
The duo had posted better-than-feared quarterly results in January, sparking hopes of a revival in demand from banking, financial services and insurance clients, especially in the U.S. key market, after over of a year of clients cutting budgets and delaying, or even cancelling, contracts. The company's"indication of a pullback in smaller deals persisting, more constraints on client spending and slow decision-making were negatives," Mehta said.