Oct. 12 (Bloomberg) -- Infosys Ltd. tumbled the most since July in New York after a reduction in its sales-growth forecast spurred some analysts to downgrade their recommendations on India’s second-largest software services exporter.
American depositary receipts of Bangalore-based Infosys tumbled 7.6 percent to $44.54 at the close of trading in New York, the biggest one-day slide since July 12. The Bank of New York Mellon India ADR Index slipped 3.3 percent to 1,009.38, also the largest loss in three months.
Infosys reduced its forecast for this fiscal year’s revenue to 395.8 billion rupees ($7.5 billion) from a July estimate of 403.6 billion rupees, as Chief Executive Officer S.D. Shibulal said the business environment continues to be “challenging.” Dolat Capital Market Ltd. cut Infosys’ Indian shares to accumulate from buy, while IDBI Capital Market Services Ltd. moved them from hold to reduce, data compiled by Bloomberg show.
Wipro Ltd., India’s third-biggest software services provider, lost 1 percent to $8.57, a one-month low, while ADRs of ICICI Bank Ltd., India’s largest lender, fell 1.4 percent to $39.50, the lowest since Sept. 26.
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