Infosys shares fall over 9% at end of day

April 17, 2023 17:12

Shares of Infosys on Monday tanked more than 9 per cent, wiping out Rs 59,349.66 crore from its market valuation, after the company reported a lower-than-expected growth in the fourth quarter net profit and gave a weak 4-7 per cent revenue growth guidance for FY24.

The stock tumbled 9.40 per cent to settle at Rs 1,258.10 on the BSE. During the day, it plunged 12.21 per cent to Rs 1,219 -- its 52-week low mark. On the NSE, it fell 9.37 per cent to finish at Rs 1,259. Infosys was the biggest drag on both the benchmark indices Sensex and Nifty.

The company's market valuation also declined by Rs 59,349.66 crore to Rs 5,21,930.34 crore. The 30-share BSE Sensex fell 520.25 points or 0.86 per cent to finish at 59,910.75, pulled down by Infosys and weak trends in other IT counters.

"The real damage was done by the frontline IT stocks with Infosys coming under severe hammering after its corporate earnings failed to meet street estimates. Besides disappointing results, worries of weak IT spending by multinational giants on gloomy economic conditions and recessionary fears have weighed heavily on the sector over the past few months," Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities Ltd, said.

Other IT firms also faced heavy drubbing, with Tech Mahindra, HCL Technologies, Tata Consultancy Services and Wipro falling in the range of 1-5.25 per cent. The IT index tanked 4.77 per cent to settle at 26,887.72.

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