Infosys Shares Tank by 15% in Early Trade  

New Delhi: Shares of India’s major IT company Infosys, fell sharply by nearly 15 per cent in early trade on Monday.

At 10 am, the shares of the IT company were trading 11.60 per cent lower at 1,228.10 apiece. It was lowest level of Infosys shares in over two years. As per financial experts, this is due to weaker-than-expected results of the company in the quarter that ended in March 2023.

On Thursday Infosys declared its Q4 results. It declared that its net profit rose nearly 8 per cent to Rs 6,128 crore, while consolidated revenue for the period increased 16 per cent year-on-year to Rs 37,441 crore.

However, both its topline and bottomline figures were below the expectations of analysts. The company also foresaw weaker financial growth during this financial year. Predicted at 4-7 per cent, it would be the lowest for the company in six years.

This could have been the trigger behind today’s sharp fall in Infosys share price. In early trade, Tech Mahindra also fell sharply by over 7 per cent, while TCS was down nearly 3 per cent.