NEW YORK (TheStreet) -- Shares of Infosys  (INFY - Get Report) closed lower by 8.84% to $16.81 on heavy trading volume on Friday after the India-based IT company cut its annual sales forecast.

Infosys is now projecting revenue growth to range between 10.5% and 12% in constant currency for the fiscal year ending March 31, 2017, down from its prior estimate of growth between 11.5% and 13.5% for the period.

IT companies have been struggling as businesses shift toward customizable internet-based software and away from outsourcing, Bloomberg reports.

CEO Vishal Sikka also blamed Britain's decision to exit the EU and China's economic problems as reasons for the lower expectations for revenue growth.

"The numbers are disappointing and they are going to face a challenge getting back to the driver's seat in the remaining three quarters," Thomas George, a Bangalore-based senior vice president at CyberMedia Research, told Bloomberg. "It's not a very encouraging future guidance and we can't even write this off as a one-off weak performance."

About 21.03 million shares of Infosys were traded today, well above the company's average trading volume of roughly 3.69 million shares per day. 

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of A-.

Infosys' strengths such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, solid stock price performance and increase in net income outweigh the fact that the company has had somewhat disappointing return on equity.

You can view the full analysis from the report here: INFY

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.