Shares in Infosys Technologies fell nearly 4 percent in early trade on Monday after a slew of brokerages downgraded the target price on the firm's shares, citing concerns after it posted quarterly earnings and an annual forecast below expectations.

At 10:45 am, shares of Infosys Technologies were trading 1.36% down at Rs 2948.30 on the Bombay Stock Exchange.

Credit Suisse cut its share target price for Infosys to 3,400 rupees from 4,050 rupees, citing the company's fourth-quarter revenue growth and margins as "significantly below" its estimates. The company reported fourth-quarter results on Friday.

Credit Suisse also downgraded the stock to "neutral" from "outperform."

Goldman Sachs cut Infosys target price to 3,520 rupees from 3,824 rupees, but maintained its "buy" rating on the stock.

Nomura reduced its target price on Infosys to 3,450 rupees from 3,800 rupees a share.