Infosys falls on sales downgrade

Shares in software group Infosys plummeted yesterday after the Bangalore-based company downgraded its revenue forecasts to five per cent annual growth from a previous estimate of up to 10 per cent.

The outsourcer has struggled to keep up with its competitor Tata Consultancy Services for growth, and despite reporting a 33 per cent rise in year-on-year profits for the three months to July, Infosys shares fell eight per cent.