Shares of Infosys, India’s second-largest IT company, fell over 10 per cent in the early session on Friday after the tech company announced its June quarter results on Thursday. Meanwhile, Nifty IT index cracked almost 5 per cent, led by losses in Infosys, Persistent System, Wipro, and HCLTech.
Infosys shares opened at Rs 1,321 on BSE, and touched an intraday low of Rs 1,311.60, down 10.40 per cent from its previous close of Rs 1,448.85.
At the time of writing, Infosys shares were trading 7.07 per cent down at Rs 1,346.40. While, BSE benchmark Sensex was trading 549.16 points, or 0.81 per cent lower at 67,022.74, and broader NSE Nifty50 was down 0.63 per cent at 19,854.15.
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The IT index was trading 3.20 per cent lower by 10.45 am.
On Thursday, Infosys announced that its June quarter net profit came lower-than-expected, as it jumped 11 per cent to 5,945 per cent. The company also slashed its FY24 growth outlook to 1-3.5 per cent on delayed decision-making by clients amid global macro uncertainties. Infosys lowered its revenue guidance for the full year to 1 to 3.5 per cent in constant currency, down from 4 to 7 per cent it had projected earlier.
“We had good Q1 with large mega deals, but we have seen some of the deal signing and start dates being delayed,” Infosys CEO Salil Parekh said.
The IT major posted revenue growth of 10 per cent to Rs 37,933 crore in Q1FY24.