Infosys Share Price

Infosys share drops most since Covid crash after weak growth guidance.

Should you buy, sell or hold? Post its March quarter results, Infosys' shares have an average price target of ₹1,540.

Shares of Infosys Ltd nosedived by more than 12 per cent on Monday, the most intraday drop since March 2020.

The reason behind the sharp selling in Infosys comes after the IT services firm's guidance painted a negative outlook for India's technology sector following turmoil at US and European banks.

Infosys' share price traded at ₹1,254.70 a piece down by ₹133.90 or 9.64% on BSE. The stock touched a fresh 52-week low of ₹1,219 apiece earlier in the day.

Its current market cap is around ₹5,20,665.03 crore.

In the previous session, Infosys' share price stood at ₹1,388.60 apiece on the exchange.

The stock has grown by 2.5 times over the past five years from ₹564 in April 2018 to ₹1,388 levels in April 2023.

"Infosys delivered a surprisingly weak Q4, with 3.2% q-o-q decline in CC revenue missing estimates on account of unplanned project ramp downs and owing to one-time revenue impact due to cancellations and specific client issues," said domestic brokerage house Sharekhan.

ICICI Direct Analysts at ICICI Direct have also maintained a 'Buy' rating on the stock with a target price of ₹1,600 per share. "We value Infosys at ₹1,600 i.e., 22 times P/E on FY25E EPS," the note said.