IT major Infosys on Thursday saw its
share price tanking by over eight per cent - the
biggest loss for a Sensex company - after the company
lowered its revenue outlook due to the euro zone debt crisis.
Share price of the software exporter, which
depends on the US and Europe for a large majority of its revenue, plunged 8.40 per cent to close at Rs 2,588.60 on the Bombay Stock Exchange.
At the National Stock Exchange, the stock ended at Rs 2,590.25, down 8.36 per cent from its previous close.
Infosys was the biggest contributor to a 138-point fall in the BSE benchmark Sensex in Thursday's trade. In the process, the market value of Infosys fell by Rs 13,632 crore to Rs 1,48,642 crore.
Analysts blamed the subdued full-year revenue outlook behind the sharp fall on the Infosys counter.
"The company lowered guidance for FY12, which was below consensus estimates. We see near-term pressure on the stock price due to weak result," Brokerage house Prabhudas Lilladher said in a research note.
Infosys on Thursday posted a
higher-than-expected 33.25 per cent growth in net profit to Rs 2,372 crore for Q3, FY12.
However, it forecast dollar revenue growth of 16.4 per cent for the full fiscal year ending March 31, 2012, down from 17.1 per cent to 19.1 per cent growth projected in October.
"The results for this quarter are better-than-expected but there is disappointment over the fourth-quarter guidance. The growth in this quarter was led by rupee depreciation and not because of business performance," Jagannadham Thunuguntla SMC Strategist and Head of Research said.
Inventure Growth & Securities Research Head Milan Bavishi said: "For Infosys, most of the benefit arising from gains in dollar rates was already factored in the price. Thus, when the company announced a muted guidance the stock tanked. The impact was seen in the other IT majors as well viz."
Other IT stocks also took a beating in the stock market.
Market leader TCS lost 3.89 per cent, while the third-ranked Wipro settled with 2.60 per cent loss.
The BSE IT index closed 5.96 per cent lower and was the worst performer among the 13 sectoral indices.
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