Top Indian ITO firms, such as Infosys, Wipro and TCS, are coming under increasing pressure to lower their prices in order to retain contracts with major customers, according to India’s Economic Times.

Several deals with marquee names including American Express and Home Depot are due for renewal imminently, and there is a strong feeling that cutting into margins to retain a healthy market share will be the best option going forward.

One Wipro executive, requesting anonymity, revealed that “We're definitely feeling the heat in some of our key accounts - and there's no way we can afford to lose a top customer since gaining new logos to make up for the shortfall is not an option.”

For weekly news updates, subscribe to our email newsletter.

Read this next: Infosys and Accenture Compete for Australian Contract