Information Technology major Infosys Technologies on Monday fell by over three per cent in morning trade on bourses as the company's fourth quarter results and earning guidance failed to meet the market expectations.
The scrip that opened on a weaker note, declined 3.24 per cent to a month's low of Rs 2,891.80 a share on Bombay Stock Exchange (BSE). In the previous trading session, it had
tumbled 9.59 per cent.
Similarly, investors booked-profits at the company's counter on National Stock Exchange, where the stock lost 3.66 per cent at Rs 2,880 a share.
On the volume front, over 23 lakh shares of the company were traded on the two bourses on Monday morning.
Infosys had last Friday reported 13.62 per cent jump in net profit at Rs 1,818 crore for the quarter ended March 31, which market experts termed as below-expectations.
"Infosys fourth quarter numbers were below our expectations in a seasonally weak quarter. The guidance for 2011-12 was also below our expectation. We expect the stock to correct after giving below-consensus guidance," financial services group Prabhudas Lilladher said in a note.
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