Shares of Infosys Ltd fell 4.50% on Friday morning after the company missed investor expectations in its second-quarter financial report. It fell to Rs 1,880.80 on the BSE and to Rs 1,880.65 on the NSE, equivalent to a loss in market value of Rs 31,327.94 crore. Among BSE Sensex and NSE Nifty companies, Infosys performed the worst.
Market reaction to Infosys earnings
The decline in Infosys shares contributed to a sharp market decline, with the benchmark BSE index falling 570.45 points and the NSE Nifty 178.3 points in early trade. Despite the stock decline, Infosys posted a 4.7% year-on-year growth in its consolidated net profit at Rs 6,506 crore in the second quarter of fiscal 2024-25.
Reference to income guidelines
Infosys raised its revenue growth guidance for the full financial year to between 3.75% and 4.5% against an earlier forecast of steady revenue growth of 3% to 4%. CEO Salil Parekh highlighted the rise in mega deals as the main cause of memory growth. The company has raised its forecasts for the third consecutive year.
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