New Delhi, June 20 -- Accenture Plc. on Friday said Fortune 500 companies unnerved by global conflicts and tariff wars are holding back technology spending, prompting it to issue a muted guidance for the current quarter.

The subdued guidance rattled investors, with shares of the world's largest information technology outsourcer trading 7.6% at $283 at 8:30pm Indian time. The guidance could signal further challenges for India's $283 billion IT services companies, which started their fiscal year on a weak note.

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