BENGALURU (Reuters) – Infosys Ltd shares slumped as much as 10% on Monday to their lowest level in over two years after the IT services exporter forecast revenue growth this fiscal would be the slowest in six years and missed profit estimates for the fourth quarter.
India’s second-largest IT services firm on Thursday said it expects revenue growth of 4%-7% for the fiscal year ending March 2024, well below analysts’ expectations of 10.7% growth, as clients clamped down or deferred spending due to growing fears of a recession in many countries.
The Bengaluru- based company’s net profit of 61.28 billion rupees ($748.21 million) in the January-March quarter also missed analysts’ expectations of 66.24 billion rupees, according to Refinitiv IBES.
The Nifty IT index dropped over 6%.
($1 = 81.9020 Indian rupees)
(Reporting by Nishit Navin; editing by Eileen Soreng)
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