Morgan Stanley says Infosys may cut its fiscal 2013/14 revenue outlook to 4-6 per cent growth, from the 6-10 per cent growth it forecast in April, as wage hikes and productivity hit quarter-on-quarter margins and offset rupee depreciation.
An Infosys spokeswoman did not have an immediate comment.
Infosys shares have been under pressure since Infosys in April forecast full-year sales growth that widely missed analysts' expectations.
The software services exporter has since brought back former CEO Narayana Murthy as its executive chairman in an effort to turn around its fortunes.
Infosys shares were down 1.6 per cent at 11.14 a.m. The shares have gained about 7 per cent after a 21 per cent dive on April 12 when the company's forecast for the current fiscal year disappointed investors.
Rival Tata Consultancy Services is little changed in the same period and the Nifty has gained close to 6 per cent.