Infosys share price dipped 7.76 per cent on Friday morning. This was triggered by the revision of its revenue guidance for the fiscal year 2024, which was adjusted to a range of 1–3.5 per cent, down from the previous projection of 4–7 per cent.
The decision came in response to clients reducing spending and deferring decisions in an increasingly uncertain market landscape. While the company reported an 11 per cent y-o-y increase in net profit to ₹5,945 crores during Q1 of FY24, the figure fell 3 per cent sequentially, missing market expectations.
Despite sustaining consolidated revenue growth of 10 per cent YoY to ₹37,933 crore, the shares went down by 7.76 per cent to ₹1,336.45 at 09:51 a.m. on BSE.