Infosys announced that an unnamed global company has terminated its Memorandum of Understanding (MoU) with the IT giant regarding a $1.5 billion deal for artificial intelligence solutions. Shares of Infosys fell as much as 2.6% Tuesday after news broke.

In its statement, Infosys revealed that it had formulated plans to provide business operation services and enhance digital experiences by making use of the company’s platforms and utilizing artificial intelligence (AI) solutions.

The deal which fell through was signed in September of 2023 and was to be a 15-year deal. The termination of the deal comes at a time of uncertainty and financial challenges for IT and tech companies globally.

The failure of the deal also follows the resignation of the company’s former CFO, Nilanian Roy, two weeks ago.

Over the quarter, shares of Infosys had been up about 6.7% for the quarter, and 1.8% for the year to date.