Infosys shares hit lower circuit; down 11% in opening trade

Infosys shares hit lower circuit with the fall of 11 per cent erasing billion dollars from the IT firms market capitalisation after it reported poor than expected quarterly results and soft revenue guidance for Financial year 2024.

This is the biggest fall for the IT firm in three years. The shares of Infosys hit lower circuit limit at Rs 1,249.75 after some brokerages cut their target prices for the stock. The stocks now hold a value of Rs 5,18,466 crore in market capitalisation in comparison to the Rs 5,76,069 crore on Thursday.

Infosys earnings

Infosys reported a growth of 8 per cent in its net profit at Ts 6,128 crore whereas the revenue from operations saw a hike of 16 per cent at Rs 37,441 crore. Both the numbers were below the expectations and analyst estimates.

LIC's investment

After the fall LIC's holding dropped to Rs 35,166 crore, down by approximately Rs 3,907 crore within seconds. LIC owns 7.71 per cent stake in the company which on Thursday was worth Rs 39,073 crore.

Murthy Family's investment

On the other hand Rohan Murthy's stake in the company is currently valued at Rs 7,600 crore, down from its earlier Rd 8,444.47 crore and Akshata Murthy's stake of 1.07 per cent stake is valued at Rs 4,868.66 crore with a drop of Rs 541 crore. Sudha Murthy's stakes worth have fallen by Rs 480 crore to Rs 4,317.96 crore whereas Narayan Murthy's stakes value is down to Rs 2,080 crore with a drop of Rs 231.12 crore.