Infosys fell for the second session in a row today dropping by another 4 per cent in early trade spooked by disappointing fourth quarter numbers and lower-than-expected guidance for 2013-14 fiscal.
After a weak opening, shares of the company further lost 3.89 per cent to trade at Rs 2,206 on the BSE.
On the NSE, the scrip plunged 4 per cent to Rs 2,204.
“Infosys Q4 FY13 belied expectations as revenues grew a mere. Further, a lower FY14 guidance of 6-10 per cent Y-o-Y revenue growth was a dampener too,” Edelweiss Research said in a report.
Infosys Ltd, the country’s second-largest software services exporter, had on Friday reported a 3.3 per cent rise in fourth quarter net profit but forecast lower-than-expected revenue growth on challenging global economy.
The company reported a consolidated net profit of Rs 2,394 crore for the January-March quarter of 2012-13 fiscal and posted 18.09 per cent rise in revenues at Rs 10,454 crore.
The IT bellwether pegged revenue guidance at 6-10 per cent for this fiscal, which is lower than that of IT body Nasscom, which expects the industry to grow at 12-14 per cent.