Shares of Infosys fell 1% to Rs 1,372 in intraday trade on Thursday, hitting a six-month low, as growth concerns weighed on investor sentiment. Shares of the information technology (IT) company were down for a fourth straight day, down 3.5% over the same period. It was trading near its 52-week low of Rs 1,355.50, hit on September 26, 2022.

Infosys has underperformed the market over the past month, falling 12% as analysts see a possible pause or slowdown in the pace of digital/cloud initiatives due to recent cutbacks in discretionary spending by clients. The S&P BSE Sensex fell 2.4% over the same period. Also, Infosys shares have fallen 27% over the past year, while the benchmark index has gained 1%.

Recent top management departures have also plagued Infosys. Mohit Joshi, who was President, resigned to join Tech Mahindra as managing director and chief executive officer. In contrast, President and chief operating officer S Ravi Kumar left to join Cognizant last year.

Analysts believe Joshi’s exit may be due to CEO Salil Parekh getting an extension for the next five years. They also said Joshi’s exit could be a short-term hangover for the stock.

Earlier this week, global investment bank Morgan Stanley said that macro concerns could lead to a short-term correction in IT stocks.

However, it added that investors have multiple reasons to remain constructive in the medium term. Within the IT sector, Morgan Stanley has “outperform” ratings on Infosys, HCL Technologies and LTIMindtree.