Shares in Infosys slipped almost 2 per cent, after the Royal Bank of Scotland cancelled a contract which analysts say could impact revenues by up to $40 million.

Infosys has been a W&G program technology partner for Consulting, Application Delivery and Testing services, and subsequent to this decision, will carry out an orderly ramp-down of about 3,000 persons, primarily in India, over the next few months.

"RBS is a key relationship for Infosys and the company looks forward to further strengthening our strategic partnership and working with them across other strategic and transformation programs," Infosys said in a release to the exchanges.

Shares in Infosys, were last trading at Rs 1045, down around 1.75 per cent after dropping by almost 2 per cent in early trade.

Infosys reported quarterly numbers that were below estimates and also cut guidance for the coming year.

Most analysts would now look for the second quarter numbers to see if Infosys cuts its guidance even further.

It has been a bad quarter for most of the big IT companies, which reported quarterly numbers that lagged estimates. The only exception was HCL Tech which reported numbers that were better than most estimates.

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