However, the decline forecasted for the fiscal year 2009-2010 is accounted for by the lowered deals given to the company by the clients who are hit by the global economic recession. The company has stated that the income for the first quarter will see a 5 per cent drop on a sequential quarter basis. And that the full year growth will be in single digit and will be in the range of 1.7 to 5.7 per cent.
Infosys earns 90 per cent of its revenue from the North America and Europe clientele, which has been hit by recession the most.
At the markets Infosys has lost 4.8 percent as at 10:31 AM. This became a major drag on the markets.