Infosys shares tumble 10% in India, after downbeat results last week
Shares of Infosys Ltd.
500209,
slumped nearly 11% in India on Monday, following disappointing results last week. U.S.-listed shares of the company
INFY,
fell towards a 2 1/2 year low on Friday as analysts reacted to the India-based digital services and consulting group’s results for the fourth quarter and year ended March 31, 2023. Specifically, Infosys projected revenue growth of 4% to 7% for the fiscal year ending March 2024, well short of 10.7% growth expected from analysts surveyed by Factset Research. Ahead of those results, rival Tata Consultancy Services Ltd.
532540,
had reported earnings that slightly missed estimates. Tata shares were down over 2% on Monday.
