IT stocks fall over 5%. What triggered this decline?

The Nifty IT index fell by 2.48% as all 10 constituents saw their stock prices drop following US firm EPAM’s guidance cut. The firm cut its CY2023E revenue-growth outlook for the second time on the slowdown in discretionary spending by US companies; declines in shares ranged from 1% to more than 5%. EPAM expects a 2% CC revenue decline at the midpoint of the guided band, as total pipeline has fallen. Kotak Institutional Equities expects IT-company Q4 to be weaker than Q1FY24E, with delays in client decision-making and pullbacks in discretionary spending impacting the sector’s growth.