Infosys shares fell as much as 3.5% on September 7. This decline occurred alongside a broader sell-off in Indian IT stocks.
A robust U.S. jobs report sparked fears of further Federal Reserve interest rate hikes. Investors anticipate that higher U.S. rates may cause American companies to reduce or delay technology spending.
The United States serves as the largest market for Infosys. The Nifty IT index led losses among major sectoral indices as sentiment soured across the industry.