Infosys Ltd shares slumped nearly 15% on Monday, dragging peers and the benchmark index, after the company's dismal revenue outlook raised concerns about demand for Indian IT services amid global banking turmoil and recession fears.
An employee walks past a signage board in the Infosys campus at the Electronics City IT district in Bangalore, February 28, 2012. REUTERS/Vivek Prakash/File Photoshares slumped nearly 15% on Monday, dragging peers and the benchmark index, after the company's dismal revenue outlook raised concerns about demand for Indian IT services amid global banking turmoil and recession fears.
Infosys' outlook last week followed a disappointing quarterly report from larger rival Tata Consultancy Services , highlighting worries for the sector which earns more than 25% of its revenue from just the U.S. and European banking, financial, services and insurance sector. The collapse of two mid-sized U.S. lenders in March had left the financial ecosystem shaken and driven an extraordinary government effort to reassure depositors and backstop the system.
"Some of the macro challenges especially around banking, financial services and insurance has become bigger and that does mean project cancellations or delays in the deal decision cycle," said Apurva Prasad, vice president of institutional research, HDFC Securities.
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