Infosys, Wipro ADRs drop after Accenture cuts growth outlook

Indian IT stocks' ADRs (American Depository Receipts) fell sharply after Accenture reported quarterly results and lowered the upper end of its annual revenue growth forecast to 4% from 5%. It flagged muted AI spending and revenue pressure in the Middle East. Infosys ADR dropped nearly 10% at $10.57 apiece, while Wipro ADR declined over 3% at $2.39 apiece.