Shares of Infosys fell as much as 5.04 per cent after rising as much as 4.5 per cent to mark its record high of Rs 1,219.80. The IT bellwether announced its results for the second quarter ended September 2015 on Monday.

At 10.39 am, Infosys shares were down 2.79 per cent at Rs 1,135.30 a share. The scrip opened at Rs 1207.70 and had touched a high and low of Rs 1,219 and Rs 1,108.90, respectively, in trade so far. Sensex was up 16 points at 27,096.

Later the scrip closed, 3.88 per cent down at Rs 1,122.50.

Despite a performance much above market expectations in the latest second quarter results for FY16, the Infosys stock was down close to 3% as the IT major lowered its US dollar annual revenue guidance and effected a key management with the replacement of the CFO.

Infosys has lowered its annual revenue guidance in US dollar terms to 6.4-8.4% as compared to the earlier range of 7.2-9.2%. However, it has retained its constant currency guidance at 10-12% for the fiscal.

The IT major’s top management spoke about a challenging a second half for the fiscal providing an indication that it is unlikely to sustain the current growth momentum. The second half is also the period when there is an extended holiday period and this has an impact on the overall business momentum.

Infosys is also expecting the pricing pressure to continue as CEO Vishal Sikka said, “We see pricing challenge on commodity deals.” The company is also expecting certain client specific issues where it expects certain loss of revenue and also weakness in the retail & insurance verticals.

The biggest surprise by Infosys was the resignation of Chief Financial Officer (CFO) Rajiv Bansal after three years in this role. The new CFO will be Ranganath Mavinakere who is a 15 year old veteran at Infosys. This is the biggest change in the Infosys top management ever since Vishal Sikka took over as the CEO in October, 2014.

Bansal’s resignation is effective October 12, 2015 but will continue as an advisor to the CEO and the Board through December 31, 2015 to enable smooth transition. He took over as the CFO in October, 2012 coming in place of V Balakrishan. Ranganath Mavinakere is a key member of Infosys and is part of the CEO’s office.

Shares of its rivals also fell on account of Infosys’ second quarterly results. HCL Technologies down 2 per cent while Wipro fell 0.3 per cent.