infosys shares were sharply lower in early trade friday after the indian it company cut its fullyear revenue guidance in its latest earnings announcement the stock was down 95 at one point and was last 76 lower at 133825 indian rupees 1629 the selloff came after infosys late thursday announced its fiscal firstquarter results the company posted net profit growth of 51 on year for the apriljune period while revenue grew 41 however the company cut its fullyear revenue growth guidance it now expects constantcurrencybasis growth of 135 down from its earlier forecast of 47 nomura analysts said the cut in the guidance was a key disappointment that suggests weaker discretionary demand from clients the analysts reckon this could lead infosys to underperform industry growth in coming months they cut its stock target price to inr1210 from inr1260 and downgraded infosys to a reduce rating from neutral