Infosys shares extend losses

PTI Updated - March 13, 2018 at 10:44 AM.

Extending losses for the third consecutive day, Infosys shares slipped today by about 2 per cent as investors continued to sell the stock after the company gave a muted revenue guidance for this fiscal.

After a weak opening, Infosys scrip dropped 1.8 per cent to Rs 2,360 on the BSE.

On the NSE, the stock lost 1.82 per cent to Rs 2,358.65.

On Friday, when Infosys declared fourth quarter results, the stock plummeted about 13 per cent, wiping off nearly Rs 20,000 crore from its market value in single day. It had fallen about 2 per cent the previous day.

According to market experts, the biggest disappointment was Infosys’ revenue guidance for the next year, which is taken as a benchmark for the IT industry as a whole.

Infosys gave lower-than-expected revenue guidance of $7,553 million-7,692 million, representing a full-year growth of 8-10 per cent. This is lower than industry body Nasscom’s estimate 11—14 per cent growth estimate for the Indian software services industry in 2012—13.

“Infosys’ Q4 FY’12 performance was below our expectation.

Moreover, a disappointing performance was accompanied by even weaker guidance for FY’13,” Brokerage firm Prabhudas Lilladher said in a report.

Meanwhile, several brokerages have downgraded the stock following its growth outlook.

Published on April 16, 2012 09:08