Reuters
Infosys shares fall 9% as profit miss stokes growth normalisation fears
BENGALURU (Reuters) -Shares of India’s Infosys Ltd fell 9% on Monday to hit an eight-month low after the company last week posted quarterly profit below expectations, raising fears of growth normalisation in the sector after a pandemic-led boom. After market hours on Wednesday, the country’s No.2 software services firm posted a consolidated net profit of 56.86 billion rupees ($744.05 million) for the quarter ended March 31, missing analysts’ expectations of 59.80 billion rupees. Higher investments in areas from cloud computing to cyber security during the pandemic have propped up demand for services provided by Infosys and rivals Tata Consultancy Services Ltd and Wipro Ltd, helping the companies rake in billions of dollars in contracts.
