Shares of Infosys slipped over 10% in trade on Monday as investors got cautious post the company’s shocking Q4 performance. The stock hit a day’s low of Rs 1,185 against its previous close of Rs 1,389. At 2:45 PM, shares of Infosys were down 9.8% at Rs 1,252.
Infosys’ Q4 revenue growth in constant currency terms came in lower by 3.2% on a quarter-on-quarter basis, while the revenue in dollar terms came in 2.2% lower. The company’s Q4 net profit stood at Rs 6,128 crore against a CNBC-TV18 poll of Rs 6,553 crore.
Brokerages too turned cautious on the company post its Q4 numbers. CLSA downgraded the stock to Outperform from Buy, slashed target price to Rs 1,550. Nomura downgrades stock to Neutral, cuts target to Rs 1,290, JP Morgan cuts target to Rs 1,200.
