Reuters Market Eye - Infosys falls more than 4 percent. Citigroup downgrades to "neutral" from "buy."
It says shares trade at around 17x 1-year forward earnings after outperforming the market and adds "positives are adequately discounted."
Company to declare July-Sept earnings on Friday.
The investment bank also cuts Tech Mahindra to "sell" from "neutral". The stocks is trading down around 5 percent.
MindTree downgraded to "sell" from "buy".
(Reporting by Abhishek Vishnoi)