Infosys drops 4% on bourses
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Infosys has dipped over 4% to Rs 3,185 in early morning deals, erasing its entire gain recorded in last week, on the National Stock Exchange (NSE).
The stock had outperformed the market by gaining 2.4% in last week compared to 3.7% decline in benchmark CNX Nifty.
On Friday, Infosys had posted a 2.0% sequential growth in USD revenues to US$ 2,133 million for the first quarter ended June 30, 2014, in line with market expectation.
In rupee terms, gross sales fell by 1.5% as compared to last quarter which is a sign of worry for the company as in this quarters other peers would be showing better result as compared to last quarter, says analyst at WealthRays Securities.
Europe contributes around 25% of total revenue, with the fall in revenue coming from Europe; achieving high growth will be a tough task for the company, says analyst.
As per the management aim the top line is expected to grow at 5.6%-7.6% in FY15.
Meanwhile, Infosys said the foreign institutional investors (FIIs) have reduced their holdings in the company by nearly one percentage points to 41.58% in June quarter. FIIs held 42.10% stake in Infosys at the end of March quarter.
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