Infosys shares on Monday extended
losses for the second consecutive day, slipping about 3 per cent on the bourses as investors continued to sell the stock after the company gave a
muted revenue guidance for 2012-13.
After a weak opening, Infosys scrip dropped 2.56 per cent to Rs 2,341.75 on the Bombay Stock Exchange at 2.13 pm. At the National Stock Exchange, the stock lost 2.66 per cent to Rs 2,338.65.
Infosys posted 27.4 per cent rise in Q4 profit but could not meet its own revenue estimates for the fourth quarter ended March 31. Projecting below-average growth for 2012-13, the company forecast tough times ahead for the entire sector.
On Friday, when Infosys
declared fourth quarter results, the stock plummeted about 13 per cent,
wiping off nearly Rs 20,000 crore from its market value in single day. It had fallen about 2 per cent on Thursday.
According to market experts, the biggest disappointment was Infosys' revenue guidance for the next year, which is taken as a benchmark for the IT industry as a whole.
Infosys gave lower-than-expected revenue guidance of $7,553 million-7,692 million, representing a full-year growth of 8-10 per cent. This is lower than industry body Nasscom's estimate 11-14 per cent growth estimate for the Indian software services industry in 2012-13.
"Infosys' Q4 FY12 performance was below our expectation. Moreover, a disappointing performance was accompanied by even weaker guidance for FY13," Brokerage firm Prabhudas Lilladher said in a report.
Meanwhile, several brokerages have downgraded the stock following its growth outlook.
According to media reports, CLSA has downgraded the company to 'underperform' from 'outperform, while Deutsche Bank cut the stock to 'hold' from 'buy'.
With PTI inputs
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