Shares in Infosys fall 0.7% after Jefferies says the Indian software services provider is "likely" to cut fiscal 2012-13 guidance to 6-8% growth from the current 8-10%.
Jefferies cites delays in IT spending from Infosys' clients and adverse cross currency movements as reasons.
Report comes as other analysts warn of rising risks to Infosys as global corporates cut IT spending and given recent FX volatility.
