Nifty IT stocks slips 1.5% after Cognizant cuts revenue guidance for 2019

The Nifty IT index dropped 1.5% in the morning trade on Friday and down for the second consecutive session.

The index came under pressure after Cognizant has cut down its revenue guidance for the year 2019 to almost half after the below-expected performance in the first quarter and expectations of slower growth in financial services and healthcare during the year.

The company has registered a decline of 15% in its net income to $441mn during the first quarter of the year ended March 31, 2019, compared to $520mn during the same period last year.


Shares of Tech Mahindra, TCS, HCL Tech, and Wipro led the index’s fall.

Shares of NIIT Tech, and Tech Mahindra which dropped 2% each led the index’s fall.

Mindtree, Infosys, Tata Elxsi also contributed to the loss, declining 1% each.

NSE BSE TIPS FREE