Infosys' weak performance drags down Indian IT sector.
Infosys shares fell nearly 15% after the company's weak revenue outlook raised concerns about demand for Indian IT services amid global banking turmoil and recession fears. The outlook 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. Infosys expects revenue growth of 4%-7% on a constant currency basis for the fiscal year ending March 2024, well below analysts' expectations of 10.7% growth, as clients cancelled some projects and deferred spending on growing fears of a recession.