Infosys share price drops over 11% to trade at ₹1229.30 per share on the NSE, down ₹160 per share
Share price of IT major Infosys dropped an unprecedented 10% in opening trade on Monday April 17, 2023.
Share price of IT major Infosys dropped an unprecedented 10% in opening trade on Monday April 17, 2023 to hit lower circuit. Trading in the stock has been halted for some time.
Each share of Infosys was trading at ₹1250.30 per share on the NSE, down ₹138.90 or 10%. On the Bombay Stock Exchange (BSE), share price of Infosys was at ₹1249.75 per share, down 10%, or ₹138.85 per share at 9.22 am.
There are over 27 lakhs sell orders with no buyers for the stock.
The American Depository Receipt (ADR) price in the US markets had suggested that the stock price of Infosys is likely to open in the red on Indian indices this Monday.
Infosys’ contracts saw OI jump 8.3% from the previous session as the price slipped 2.7% Thursday. HCL Tech, the best performing large cap IT stock in the last one year, saw contract OI increase 5.2% overnight as contract price fell 2% amid the resignation of Anand Birje, the company’s digital services business head.
Infosys missed the Street’s revenue and profit expectations for the March quarter and traders mounted bearish bets on the counter prior to the result announcement. Though the Q4 results were issued post market hours in India, the stock closed 2.74% lower at ₹1,389.20 as if traders anticipated a weak result. This was evident in the huge short build up on Infosys’ futures and options counter.
Over the past week, Infosys has dropped 2.4%, 6.17% over the past 3 months and over 20% in the past one year.
52-week low for the share price is at ₹1355.5 per share which it broke today.
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