Mumbai: IT czar Infosys Technologies on Thursday took a hit on the Dalal Street, plunging by nearly four per cent on Bombay Stock Exchange (BSE) after the company’s third quarter earnings failed to meet the market expectations.
The IT bellwether’s consolidated Q3 net profit grew by 14.17% to Rs1,780 crore against Rs1,559 crore in the last quarter.
“An over 14% jump in the third quarter by Infosys was below the market expectations... The street was hoping a growth of 16-17%,” Stock Broking head of Institutional Business Prakash Diwan said.
Reacting sharply to below the market expectations number, Infosys dipped by 3.70% on Bombay Stock Exchange to Rs3,250 a share.
The stock was the top loser among the frontline scrips in the Sensex.
The stock witnessed a similar downslide on the National Stock Exchange (NSE) where it slid by 3.76% to Rs3,250.
Meanwhile, the decline in Infosys share plagued the movement of the BSE key index Sensex, which was quoting at 19,407.81, down by 126.29 points at 10:00 am.