India’s TCS warns financial clients delaying spending, shares slide

India's Tata Consultancy Services Ltd (TCS) has warned that its financial sector clients in the United States are holding back on discretionary spending, sending its shares tumbling as much as 6.4 percent to a six-month low. The country's top software services exporter said its internal data as of end-August indicated that banking and financial services clients were being cautious and have in some cases been holding back on discretionary spending. This has led to a "sequential loss of momentum", TCS said in a securities filing late on Wednesday.

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