Track Record: Infosys shares log worst single-day loss since 2019

Shares of Infosys fell by up to 12.2% on BSE and experienced its worst single-day fall since 2019 amid lower-than-expected quarterly numbers and FY23 guidance. Infosys’ crash also had a rub-off effect on other IT stocks, with LT Bank and Mindtree losing up to 10%. Analysts say the management commentary from India’s top two IT services companies cautioned about customer sentiment, leading to uncertainties around the order outlook in the next 1-2 quarters. Brokerages have also reduced their target prices of Infosys by up to 30%, despite potential stock fall on weak Q4 results.