On Tuesday, Infosys (INFY.NS) stock dropped as much as 2.6% following the announcement that a worldwide firm that had inked a $1.5 billion agreement with the IT behemoth to develop AI solutions had chosen to end the Memorandum of Understanding (MoU). With its platforms and AI technologies, Infosys intends to improve digital experiences and offer services for running businesses.
Signed in September 2023, the agreement spanned 15 years. This deal’s cancellation comes as the IT and tech industries worldwide are grappling with several problems and uncertainties.
The company’s former chief financial officer, Nilanjan Roy, resigned two weeks before this The information technology company’s stock experienced a 6.7% quarterly increase and a 1.8% year-to-date (YTD) gain.
