Infosys shares tumble 4.50 pc post earnings announcement

New Delhi: Infosys Ltd's stocks dropped 4.50 pc on Friday morning due to disappointing second quarter earnings that did not satisfy investors. The stock dropped by 4.50 percent to Rs 1,880.80 on the BSE. It dropped by 4.44 per cent to reach Rs 1,880.65 at the NSE. The stock performed the worst out of all the companies in the BSE Sensex and NSE Nifty

During the morning trade, the company's market value decreased by Rs 31,327.94 crore to Rs 7,86,437.37 crore. The decrease in the leading stock caused the markets to fall. In early trade, the BSE benchmark plummeted by 570.45 points to 80,436.16. The NSE Nifty dropped by 178.3 points, reaching 24,571.55. Infosys Ltd, the second-largest IT services exporter in India, announced a nearly 5 per cent increase in its second quarter net profit and boosted revenue expectations for the year due to a widespread rebound in demand, especially from its major financial industry customers. According to a company statement, the net profit for the July-September quarter of the current 2024-25 fiscal year was Rs 6,506 crore, showing a 4.7 per cent increase from the previous year's earnings and a 2.2 per cent rise from the preceding quarter.

Infosys Share Decline Erases Rs. 31,327.94 Crore in Value Despite Profit Increase

For the second quarter in a row, the leading technology services company increased its revenue forecast for the entire fiscal year. It is now anticipating a constant currency revenue increase of 3.75-4.5 pc for the fiscal year April 2024 to March 2025, surpassing its previous projection of 3-4 pc. Infosys CEO and MD Salil Parekh described it as a 'significant increase' in growth forecast. The increase is due to a rise in large deals. The company increased its guidance for the June quarter from the 1-3 per cent range it initially set at the beginning of the year.