Infosys shares tumble 9%; m-cap tanks Rs 47,907 crore post earnings announcement
The stock tumbled 8.95 per cent to Rs 1,592.05 on the BSE. At the NSE, it plunged 9.06 per cent to Rs 1,590.
Infosys' larger IT rival Tata Consultancy Services and also smaller rivals such as HCL Technologies and Wipro have seen their margins erode as they battle a higher sector-wide talent churn and try to retain employees.(REUTERS/File Photo) Shares of Infosys tanked 9 per cent in early trade on Monday, wiping out Rs 47,907.7 crore from its market valuation, after the company’s March quarter earnings came in below expectations.
The stock tumbled 8.95 per cent to Rs 1,592.05 on the BSE.
At the NSE, it plunged 9.06 per cent to Rs 1,590.
The company’s market valuation eroded by Rs 47,907.7 crore to Rs 6,85,277.72 crore on the BSE.
“Infosys results came worse-than-expected with rising attrition and weakening margins even though growth prospects appear bright. IT valuations may come under pressure dragging the index down,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
IT services major Infosys on Wednesday posted a 12 per cent rise in March quarter net profit and said it is moving its business out of Russia, joining a growing roster of companies pulling out of the country following Moscow’s invasion of Ukraine.
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