Based on this news infosys will have tough time in our market too. Go short on infy.
Infosys Falls Most in 2 Weeks as Analyst Sees Revenue Shortfall
March 24 (Bloomberg) -- Infosys Technologies Ltd., India's second-largest computer services provider, fell the most in two weeks in New York after Susquenhanna Financial Group downgraded the stock and predicted revenue may not meet estimates this year.
Analyst James Friedman said that Infosys may report a "revenue shortfall" in 2009 because of declining contributions from its biggest customers. Revenue from the company's biggest client may decline as much as 20 percent this year, he wrote.
He downgraded the stock to "negative" from "neutral."
Infosys American depositary receipts slid 4.8 percent to $26.30 at 3:41 p.m. in Nasdaq composite trading.
To contact the reporter on this story: Allen Wan in New York at awan3@bloomberg.net
Infosys Falls Most in 2 Weeks as Analyst Sees Revenue Shortfall
March 24 (Bloomberg) -- Infosys Technologies Ltd., India's second-largest computer services provider, fell the most in two weeks in New York after Susquenhanna Financial Group downgraded the stock and predicted revenue may not meet estimates this year.
Analyst James Friedman said that Infosys may report a "revenue shortfall" in 2009 because of declining contributions from its biggest customers. Revenue from the company's biggest client may decline as much as 20 percent this year, he wrote.
He downgraded the stock to "negative" from "neutral."
Infosys American depositary receipts slid 4.8 percent to $26.30 at 3:41 p.m. in Nasdaq composite trading.
To contact the reporter on this story: Allen Wan in New York at awan3@bloomberg.net
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