The Nifty IT index fell nearly 3% on September 18, with major IT stocks like Infosys, TCS, and Tech Mahindra leading the decline. This drop came as investors reacted to Accenture's 5% share price fall on September 17.
Accenture announced a delay in promotions by six months due to tough conditions in the consultancy sector, moving them from December to June. This news has led to a broad sell-off in IT stocks, with all 10 index components down by 2-5%.