Infosys Shares Slide Post Earnings Despite Profit Boost
Infosys shares fell over 1% after its June quarter earnings report revealed an 8.7% profit rise. The company's market valuation decreased by Rs 8,661.66 crore. Infosys narrowed its revenue forecast following unexpected growth, but the IT sector's broader weaknesses weighed down the stock indices.
- Country:
- India
Shares of Infosys Ltd took a hit on Thursday, dropping over 1% as investors opted for profit-taking a day after the company disclosed its June quarter earnings. Despite the favorable report, the stock fell 1.32% to Rs 1,553.55 on the BSE and 1.36% to Rs 1,553 on the NSE.
The company's market valuation saw a significant hit, shedding Rs 8,661.66 crore to settle at Rs 6,45,387.02 crore. Trading volumes were robust, with 3.80 lakh shares exchanging hands on the BSE and 141.70 lakh shares on the NSE during the trading day.
Despite Infosys reporting an 8.7% rise in net profits for the June quarter and adjusting its full-year revenue forecast upward, overall market sentiment was not buoyed. Analysts point to persistent weaknesses in IT stocks, including Infosys, that weighed heavily on indices such as the BSE Sensex and NSE Nifty.
(With inputs from agencies.)
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