Infosys hit by slew of downgrades after lower than expected revenue outlook

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Infosys lost 0.3 per cent to Rs 2,394.50, extending losses from a 13 per cent plunge on Friday after a slew of analysts downgraded the stock following its lower-than-expected revenue growth outlook on Friday.

CLSA downgraded India's No.2 software services exporter to 'Underperform' from 'Outperform,' with a 12-month target price of 2,630 rupees.

Meanwhile, Deutsche Bank cut the stock to 'Hold' from 'Buy', with a revised target price of Rs 2,400, while Macquarie also downgraded the stock to 'Neutral', but with a target price of Rs 2,450.

"Mishaps on the HR front, a protracted re-organisation and continued operational slip-ups, all in the past 18 months has invariably raised the bogey of Infosys is losing its magical operational excellence," said CLSA in its report.

Deutsche Bank said Infosys' rivals Tata Consultancy Services and Wipro were 'best positioned to deliver value' given clients in the sector are facing budget constraints on their spending.