Shares of Infosys fell by over 2 per cent today, wiping-out Rs 5,662 crore from its market valuation, after the company cut its annual sales growth forecast for the second time in three months on an "uncertain business outlook".
The stock went down by 2.34 per cent to end at Rs 1,027.40 on BSE. During the day, it slipped 5.31 per cent to Rs 996.15 -- its 52-week low.
On NSE, shares of the company declined by 2.39 per cent to close at Rs 1,027.15.
Led by the fall in the stock, the company's market valuation plummeted by Rs 5,661.91 crore to Rs 2,35,988.09 crore.
"Infosys reported results in-line with our expectations. Despite a strong quarter, the guidance has been curtailed, which we believe is steeper than expectations," said Rahul Jain, Vice President - Research at Systematix Shares & Stocks.
India's second-largest IT company Infosys today reported a 6.1 per cent rise in its second quarter net profit but cut its annual sales growth forecast for the second time in three months on an "uncertain business outlook".
Consolidated net profit was Rs 3,606 crore in July- September quarter, up from Rs 3,398 crore a year earlier, the company said in a statement.
It, however, projected a 7.5-8.5 per cent rise in sales in US dollar terms in the year ending March 31, down from 10 per cent growth it had forecast in July.
Its earlier revenue growth target of 10 per cent had been lowered already from up to 11.5 per cent projected in April this year.
In constant currency terms, revenue is now expected to grow 8-9 per cent this fiscal for Infosys. The target is much below the growth estimates for IT exports which has been pegged at 10-12 per cent by industry body Nasscom.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)