Infosys Ltd’s fourth-quarter revenue growth fell short of expectations and its guidance for the current fiscal year came in below the industry average as India’s second-largest software services firm said the economic climate was a cause for concern.
The Infosys stock plunged 18.5% to Rs.2,379 at 9:32 am on Friday, while the benchmark Sensex was down 1.4% to 18,292.67.
The company forecast revenue growth in 2013-14 at 6-10%, less than the 12-14% that the Nasscom industry lobby has forecast for the year, as part of its earnings announcement for the year ended March on Friday. This is the second consecutive year that the company has forecast revenue growth lower than average industry expectations.
Infosys reported fourth-quarter sequential revenue growth in dollar terms at 1.4% compared with expectations of at least 3% growth