NEW YORK (TheStreet) -- Infosys (INFY - Get Report) stock is declining by 6.53% to $17.90 in late morning trading on Monday, on a lowered annual sales growth forecast and the departure of Chief Financial Officer Rajiv Bansal.
On Monday morning, Infosys reported earnings of 23 cents per share on revenue of $2.39 billion for the fiscal 2016 second quarter.
Infosys had been forecast to report earnings of 22 cents per share on revenue of $2.33 billion by analysts surveyed by Thomson Reuters.
The company cut its dollar revenue growth forecast to 6.4% to 8.4% from 7.2% to 9.2% for the financial year ending March 31.
Infosys has been negatively impacted by a downturn affecting the whole software industry, and COO U.B. Pravin Rao said he anticipates "softness" in financial services, aviation, energy and mining, Bloomberg notes.
"Traditionally, the second half has given us dips in growth," CEO Vishal Sikka told reporters in Bengaluru, Bloomberg reports. "We are going to work very hard to make sure that we buck it this time. We have been foreseeing that all year."
Additionally, CFO Rajiv Bansal announced his resignation, for undisclosed reasons, according to Bloomberg.
Based in Bangalore, India, Infosys is engaged in consulting, technology, outsourcing and next-generation services.INFY data by YCharts