Infosys shares plunge over 10% after disappointing Q4 earnings

Infosys share price dropped over 10% on Monday morning, after reporting disappointing quarterly earnings last week, missing expectations across all parameters.

The IT major saw the biggest single day drop in 3 years as it touched a 52-week low of ₹ 1,223.

Infosys on April 13 reported a 7.8% rise in its consolidated net profit at Rs 6,128 crore for the quarter ended March 2023. Consolidated revenue came in at Rs 37,441 crore, up 16% against Rs 32,276 crore in the corresponding quarter of the previous fiscal.

The net profit clocked was 6.5% lower as compared to the CNBC TV-18 poll estimate of Rs 6,553 crore, whereas, the consolidated revenue was 3.6% percent lower as against the estimate of Rs 38,830 crore.

A slew of downgrades on Infosys means sell recommendations on the stock are the highest since September 2017. As per a CNBC-TV 18 report, 16.4% of the analysts now have a sell rating on Infosys, compared to 17.5% in September 2017.