Infosys share price dips on weak outlook

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Infosys share price fell 7.76 percent on Friday morning. This was powered by Review its revenue guidance for fiscal year 2024which was revised to a range of 1-3.5 percent, down from the previous projection of 4-7 percent.

The decision was made in response to customers cutting spending and deferring decisions in an increasingly uncertain market landscape. While the company reported an 11 per cent year-on-year increase in net profit to Rs. 5,945 crore during the first quarter of FY24, the figure fell by 3 per cent sequentially, missing market expectations.

Despite maintaining consolidated revenue growth of 10 per cent year-on-year to INR 37,933 crore, shares fell 7.76 per cent to 1,336.45 rupees at 09:51 am on BSE.