Infosys stock falls 3 percent; market capitalisation erodes by Rs 8,000 crore

On NSE, the stock fell to an intra-day low of Rs 1,102 and finally settled for the day at Rs 1,134.50, down 3.15 per cent over its last close.

Published: 16th April 2018 06:46 PM  |   Last Updated: 16th April 2018 06:46 PM   |  A+A-

download_(1)

Infosys (File Photo | Reuters)

By PTI

NEW DELHI: Shares of Infosys ended 3 per cent lower on bourses today, following which the market capitalisation of the company fell by nearly Rs 8,000 crore The stock fell after the company reported less-than-expected margin guidance for fiscal year 2018-19.

During the day, the stock of the company fell to an intra-day low of Rs 1,099, down 5.98 per cent over its previous closing price. At the end of today's trading session the stock was quoted at Rs 1,132.80, down 3.10 per cent.

On NSE, the stock fell to an intra-day low of Rs 1,102 and finally settled for the day at Rs 1,134.50, down 3.15 per cent over its last close.

Following the decline in the counter, the market capitalisation of the company declined by Rs 7,887.28 crore to Rs 2,47,416.46 crore.

The stock was the second largest loser in the 30-share index.Global brokerage Nomura in a research note said, "growth weakness in developed markets, BFSI and retail is a negative. We expect the stock to react negative to the margin guidance cut".

The report further noted that "guidance for FY19 growth is in line with consensus, though a cut in EBI margin guidance to 22-24 per cent (as against 23-25 per cent earlier) was a disappointment".

Infosys, on April 13, reported a consolidated net profit of Rs 3,690 crore, or Rs 16.98 per share, in January-March 2018 quarter as compared to Rs 3,603 crore, or Rs 15.77 a share in the same period a year back.

For 2018-19, Infosys expects its revenue to grow in the range of 6-8 per cent in constant currency terms and 7-9 per cent in the US dollar terms. For financial year 2018-19 Infosys expects operating margin range at 22 per cent to 24 per cent.

 

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

FIFA-World-Cup-2018