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Business News/ Markets / Stock Markets/  Infosys stock hits new 52-week low, ends at 1,259 on NSE down over 9% as investors lose 58,000 crore
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Infosys stock hits new 52-week low, ends at ₹1,259 on NSE down over 9% as investors lose ₹58,000 crore

Investors lost ₹58,000 crore as Infosys shares plunged by ₹130.50 or 9.40% to close at ₹1,258.10 apiece on BSE, after hitting a new 52-week low of ₹1,219 apiece earlier in the day. Overall, the stock has shed more than 12% here. By end of the day, Infosys' market cap stood at ₹5,21,930.34 crore.

FILE PHOTO: The Infosys logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren/File Photo (REUTERS)Premium
FILE PHOTO: The Infosys logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren/File Photo (REUTERS)

The share price of Infosys dropped by an unprecedented level on Monday to touch a fresh 52-week low with investors losing 58,000 crore or value. Panic selling in Infosys comes after the IT giant posted lower-than-expected earnings for the fourth quarter of FY23. The stock emerged as the top bear on both BSE and NSE.

Infosys shares plunged by 130.50 or 9.40% to close at 1,258.10 apiece on BSE, after hitting a new 52-week low of 1,219 apiece earlier in the day. Overall, the stock has shed more than 12% here. By end of the day, Infosys' market cap stood at 5,21,930.34 crore.

Meanwhile, on NSE, the stock's new 52-week low is 1,185.30 apiece. Here, the stock nosedived by a whopping 15% before ending at 1,259 apiece down by 9.37%.

The American Depository Receipt (ADR) price in the US markets had suggested that the stock price of Infosys is likely to open in the red on Indian indices this Monday. 

Infosys’ contracts saw OI jump 8.3% from the previous session as the price slipped 2.7% Thursday. HCL Tech, the best performing large cap IT stock in the last one year, saw contract OI increase 5.2% overnight as contract price fell 2% amid the resignation of Anand Birje, the company’s digital services business head.

Infosys missed the Street’s revenue and profit expectations for the March quarter and traders mounted bearish bets on the counter prior to the result announcement. Though the Q4 results were issued post market hours in India, the stock closed 2.74% lower at 1,389.20 as if traders anticipated a weak result. This was evident in the huge short build up on Infosys’ futures and options counter.

Over the past week, Infosys has dropped 2.4%, 6.17% over the past 3 months and over 20% in the past one year. 

52-week low for the share price is at 1355.5 per share which it broke today. 

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Published: 17 Apr 2023, 09:18 AM IST
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