Infosys Shares Tank Over 10% After The IT Major Cuts FY-24 Growth Outlook

Shares of Infosys, India's second-largest IT company, plummeted over 10 percent after reporting lower-than-expected June quarter results. The company's net profit stood at Rs. 5,945 crore, and it posted a 10 percent revenue growth in Q1FY24. Infosys revised its FY24 growth outlook to 1-3.5 percent due to delayed decision-making by clients amid global uncertainties. The Nifty-50 index also missed hitting the record 20,000 due to a 3 percent drop in the Nifty IT index, majorly influenced by Infosys, HCL Tech, and Persistent System.