Shares of IT companies fall after global rival Cognizant Technology Solutions forecast 2014 revenue below analysts' expectations.
Shares of Indian IT companies fall after global rival Cognizant Technology Solutions Corp forecast 2014 revenue below analysts' expectations on Wednesday, raising concerns about the sector's growth prospects, dealers say.
Infosys Ltd falls 0.5 percent while Tata Consultancy Services (TCS) is down 0.7 percent.
Cognizant said it expected revenue to grow at least 16.5 percent this year, the slowest growth since 2009 and lower than the 20.4 percent growth in 2013.
Analysts on average were expecting Cognizant revenue to grow by 17-20 percent in 2014 due to higher demand from Europe and for healthcare services.