Shares of India's second-largest IT services firm, Infosys Ltd, fell by nearly 15% after the company's disappointing revenue outlook raised concerns about demand for Indian IT services amid global recession fears. Infosys' outlook followed a disappointing quarterly report from larger rival Tata Consultancy Services, raising worries for the sector that earns more than 25% of its revenue from the US and European banking, financial services, and insurance sectors. Infosys expects revenue growth of 4-7% on a constant currency basis for fiscal year ending March 2024, well below analysts' expectations of 10.7% growth, due to clients cancelling some projects and deferred spending on recession fears. Infosys' net profit of $748.21m in the January-March quarter also missed analysts' expectations of $837.18m. Smaller rival HCLTech is due to report results later this week, while Wipro is expected next week. Analysts caution of further demand moderation for Indian IT services given the uncertain environment and unplanned project ramp downs, and rising cost prices.