Infosys shares fall 5 per cent on reports of downgrade

Shares of Infosys, the IT services major, fell by almost five per cent in afternoon trade on Wednesday amid reports of a stock downgrade.

The company's stock plunged 4.73 per cent to Rs 3649 on the Bombay Stock Exchange (BSE), while at the National Stock Exchange (NSE), the scrip was down 4.75 per cent to Rs 3,649.30.

Infosys was the biggest loser among the 30-bluechips on the BSE Sensex.

As per media reports, global financial services major Citigroup has downgraded Infosys to 'neutral' from 'buy'.

The IT services provider will declare its July-September quarter earnings on Friday.

Meanwhile, the 30-share BSE index Sensex was trading lower by 31.66 points at 26,240.31 during afternoon trade.