Infosys Shares Plunge 6%, Drag Markets Lower

New Delhi, Jan 17 (PTI) Shares of Infosys tanked nearly 6 per cent on Friday amid profit-taking post announcement of the third quarter earnings.

The stock slumped 5.73 per cent to Rs 1,815.70 on the BSE.

At the NSE, it tumbled 5.88 per cent to Rs 1,815.

Decline in the stock was instrumental in dragging the markets lower.

The 30-share BSE benchmark Sensex traded 752.55 points lower at 76,279.39, and the NSE Nifty quoted 198.30 points down at 23,108.25.

Infosys Ltd, India's second-largest IT services firm, on Thursday reported 11.46 per cent rise in third quarter net profit on pick-up in demand, which also prompted the company to raise its annual sales forecast for a third time this fiscal year.

Net profit rose to Rs 6,806 crore in October-December - the third quarter of April 2024 to March 2025 fiscal (FY25), from Rs 6,106 crore a year back, the company said in a statement.

Revenue rose 7.6 per cent to Rs 41,764 crore.

Infosys raised its full-year revenue growth forecast to 4.5-5 per cent from 3.75-4.5 per cent earlier.

"What we are seeing is a clear change in the discretionary activity in financial services, in retail and consumer products, which gives us good confidence," chief executive Salil Parekh told reporters.

The Banking, Financial Services and Insurance (BFSI), which accounts for nearly a third of Infosys revenue, notched a 6.1 per cent revenue growth in the quarter, helped by a pick-up in demand in the US.

This came despite December quarter typically being a seasonally weak quarter for the IT industry due to furloughs and fewer working days.