Infosys trims revenue forecast, sends shares skidding

Infosys, India's second-largest software services exporter by revenue, cut on Monday its fiscal year 2016 revenue forecast as broad weakness in IT spending and a stronger dollar are making clients wary, sending its shares sliding as much as 5 percent. Infosys, reporting earnings for the second quarter, did not say why it cut the forecast to an expected increase in annual dollar revenues of 6.4 to 8.4 percent. Earlier, the company had forecast 7.2 to 9.2 percent growth. On a constant currency basis, guidance was unchanged. In September, rival Accenture Plc gave a weak forecast for the first quarter, due mainly to a stronger dollar. Infosys also announced the departure of its chief financial officer, Rajiv Bansal. It did not give a reason for Bansal's leaving, but said he is being replaced by MD Ranganath, who is currently head of strategic operations, in charge of risk management, strategy and mergers and acquisitions. Analysts, on average, had expected a net profit of 32.89 billion rupees, according to Thomson Reuters data.