NEW DELHI: Shares of Infosys continued to decline on Tuesday and further tumbled nearly 4 per cent after the company's March quarter earnings report came in below expectations.
The stock declined 3.55 per cent to settle at Rs 1,563.95 apiece on the BSE. During the day, it tanked 4.38 per cent to Rs 1,550.40.
On the NSE, it dipped 3.66 per cent to settle at Rs 1,562 apiece. In traded volume terms, 9.83 lakh shares were traded on the BSE and over 1.70 crore shares on the NSE during the day.
Earlier on Monday, the company's shares had tanked over 7 per cent.
"Infosys results came worse-than-expected with rising attrition and weakening margins even though growth prospects appear bright," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said on Monday.
IT services major Infosys on Wednesday posted a 12 per cent rise in March quarter net profit.
The software services major saw its net profit surge to Rs 5,686 crore and projected a 13-15 per cent revenue growth in the financial year that began on April 1, 2022 on the back of a "strong demand environment" and "robust deal pipeline".
While the Q4 results scorecard reflects a 12 per cent year-on-year growth in net profit, the numbers are 2 per cent lower than the December quarter.
On why the Q4 numbers have trailed the street's expectations, Infosys CEO Salil Parekh, on Wednesday, said that while there has been a strong volume growth in the quarter, there was an issue with a client related to a contract situation.