Infosys shares decline over 2 pc

PTI, Oct 13, 2023, 1:37 PM IST

Shares of Infosys declined over 2 per cent on Friday, following the announcement of its September quarter results.

In mid-session trading, the stock fell 2.6 per cent to Rs 1,427.4 apiece on the NSE, while on the BSE, Infosys shares dropped to Rs 1,428, registering a decline of 2.5 per cent, making it the biggest laggard among Sensex shares.

Infosys reported a 3.1 per cent year-on-year increase in net profit to Rs 6,215 crore in the September quarter.

The company, a major player in the IT services market, competes with firms like TCS, Wipro, HCL Technologies, and others.

Its revenue increased by 6.7 per cent to Rs 38,994 crore for the just-ended September quarter.

While announcing the latest quarter results, Infosys CEO and MD Salil Parekh said, ”We had our highest large deal value at USD 7.7 billion in Q2 spread across all verticals and geographies. This, in an uncertain macro-environment, is a testament to our ability to pivot and stay relevant to evolving client needs by delivering the benefits of transformation as well as productivity and cost savings at scale.” Ahead of the announcement of the quarterly performance on Thursday, shares of the Bengaluru-based firm plunged 3 per cent.

Market experts attributed Thursday’s sell-off in IT stocks to a lower-than-estimated performance by Tata Group’s flagship firm Tata Consultancy Services announced a day earlier.