Cancellation of Multi-Billion Dollar AI Deal Hits Infosys Hard
BENGALURU: Shares of Infosys fell as much as 2.6% on Tuesday after the company said the unnamed global company, which had signed a $1.5 billion deal focused on artificial intelligence solutions, decided to terminate its memorandum of understanding with the IT giant. .
Infosys said it plans to improve digital experiences and offer business services utilizing the company’s platforms and artificial intelligence solutions.
It was a 15-year contract signed in September 2023. The termination of the contract comes at a time when IT and technology companies worldwide are facing uncertainty and challenges.
This comes just two weeks after Nilanjan Roy, the company’s former CFO, resigned.
The IT giant’s shares had risen approximately 6.7% during the quarter and 1.8% since the beginning of the year.
