Infosys shares tank over 9% as Q4 profit misses street expectations

Shares of Infosys tanked 9 per cent in early trade on Monday, wiping out ₹ 47,907.7 crore from its market valuation, after the company’s March quarter earnings came in below expectations.

The stock tumbled 8.95 per cent to ₹ 1,592.05 on the BSE. At the NSE, it plunged 9.06 per cent to ₹ 1,590.

The company’s market valuation eroded by ₹ 47,907.7 crore to ₹ 6,85,277.72 crore on the BSE.

“Infosys results came worse-than-expected with rising attrition and weakening margins even though growth prospects appear bright. IT valuations may come under pressure dragging the index down,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

IT services major Infosys on Wednesday posted a 12 per cent increase in March quarter net profit and said it is moving its business out of Russia, joining a growing roster of companies pulling out of the country following Moscow’s invasion of Ukraine.