Infosys Shares Plummet Amid Investor Disappointment Despite Revenue Growth

Infosys Ltd saw a nearly 5% drop in its share price, erasing Rs 37,639.21 crore from its market value, following a Q2 earnings report that did not meet investor expectations. The technology leader, however, improved its revenue forecast due to strong demand recovery, particularly from financial sector clients.

Infosys Ltd's shares nosedived almost 5% on Friday, eliminating a staggering Rs 37,639.21 crore from its market capitalization after second-quarter results failed to satisfy investors.

The stock saw a significant drop, declining 4.60% to conclude at Rs 1,878.85 on the BSE, and experienced a 5% intra-day dip to Rs 1,870. At the NSE, the share price fell by 4.22% to Rs 1,885, positioning it as the primary laggard among the BSE Sensex and NSE Nifty firms.

Despite the slump, Infosys raised its constant currency revenue growth expectation for the fiscal year following a broad-based demand recovery, especially from key financial clients. CEO Salil Parekh lauded the upward adjustment as a significant shift, driven by an uptick in mega deals.

(With inputs from agencies.)