New Delhi, Oct. 29 -- Cognizant Technology Solutions Corp. outpaced its Indian peers in a difficult quarter, but that wasn't enough to reassure investors. The Nasdaq-listed information technology (IT) company's shares tumbled after it trimmed the upper end of its 2026 growth forecast, warning that healthcare and consumer-facing clients were pulling back on discretionary spending.

The muted outlook underscores how even stronger performers are struggling to shake off the uncertainty clouding technology spending.

The company, which has about three-fourths of its employees in India, ended the September quarter with $5.66 billion in revenue, up 3.3% sequentially and 4.6% on a yearly basis. Almost half of its incremental revenue came from com...