CLSA in its global research report said Infosys stock could fall 40% from the current levels in 12 months. The report has fixed the price target at Rs 1,566. The report further added that sector multiples are likely to keep de-rating. The recent appreciation in the Indian currency might prove negative for the sector as well as for Infosys and its prices could fall. A 4% strengthening of the rupee will hurt Infosys earnings by about 5%. And a 13% move in the rupee would reduce earnings by 17%. In the first half of the year 2012, most of the Infosys earnings came from the nearly 8% rupee weakening.