Infosys share drops by almost 11%, most since Covid crash
Infosys Ltd shares plunged almost 11 per cent to ₹1,238.25 a piece, the most intraday since March 2020, as concerns about demand for Indian IT services surfaced in the aftermath of US and European banks turmoil and recessionary fears. However, the shares started taking a dip as Infosys predicted that this fiscal year's sales growth will only be between 4% and 7%, well below what analysts' expected of a 10.7% growth, owing to lower client expenditure and an uncertain global market. The negative prediction provided by Infosys last week, along with an unfavorable quarterly report from competitor Tata Consultancy Services, has prompted fears in the IT sector. "Some of the macro challenges especially around banking, financial services and insurance has become bigger and that does mean project cancellations or delays in the deal decision cycle," Apurva Prasad, vice president of institutional research, HDFC Securities told Reuters.
IT stocks bleed as stock market crashes. Why TCS, Infosys, Wipro shares are down?
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