Infosys shares slump 9% as Q4 profit misses street view
2022.04.18 07:35
FILE PHOTO: The Infosys logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren/File Photo
BENGALURU (Reuters) – Shares of India’s Infosys (NYSE:INFY) fell 9% on Monday, pulling down the broader IT index as the software services provider’s lower-than-expected March profit last week triggered fears of growth normalisation in the sector after a pandemic-led boom.
Infosys, India’s No.2 software services firm, on Wednesday reported a consolidated net profit of 56.86 billion rupees ($744.05 million) for the quarter ended March 31, missing analysts’ expectations of 59.80 billion rupees.
The Nifty IT services index was down 3.24%.
Indian markets were closed on Thursday and Friday for public holidays.
($1 = 76.4200 Indian rupees)
