Shares of Infosys tanked nearly 10 per cent on Friday morning after the company reported a lower-than-expected 11 per cent rise in net profit for the June quarter and slashed its FY24 growth outlook. The stock tumbled 9.47 per cent to Rs 1,311.60 on the BSE.
At the NSE, shares of the company cracked 9.96 per cent to Rs 1,305 apiece. The company's market capitalisation (mcap) fell by Rs 43,776.29 crore to Rs 5,57,287.83 crore in morning trade. It was the biggest laggard among both Sensex and Nifty firms.
The 30-share BSE Sensex quoted 633.76 points or 0.94 per cent lower at 66,938.14, while the NSE Nifty traded with a decline of 168.90 points or 0.85 per cent at 19,810.25.
Infosys on Thursday reported a lower-than-expected 11 per cent rise in net profit for the June quarter and delivered a shocker as it slashed its FY24 growth outlook to 1-3.5 per cent on delayed decision-making by clients amid global macro uncertainties.
The net profit came in at Rs 5,945 crore for the quarter ended June 2023, compared to Rs 5,362 crore in the year-ago period. The company posted revenue growth of 10 per cent to Rs 37,933 crore during the just-ended quarter.
The country's second-largest IT services company -- which competes with the likes of TCS, Wipro and others -- drastically lowered its revenue guidance for the full year to 1-3.5 per cent in constant currency, down from 4-7 per cent it had projected earlier.
Seen sequentially, its net profit declined 3 per cent over the March quarter, while the revenue rose 1.31 per cent. Shares of other IT firms -- TCS, HCL Tech, Wipro and Tech Mahindra -- were also trading lower during the morning trade. Last week, TCS, HCL Tech, Wipro and LTIMindtree announced their first-quarter results.
Also Read: Markets slide in early trade after non-stop record-breaking rally; Rupee falls against dollar
Also Read: Elon Musk’s fortune plunged to $13.6 billion as Tesla shares tumble
Latest Business News
