Infosys share fell 8 percent after Q1 results; 49159 crores dropped mCap of the company

Shares of consulting and IT services company Infosys fell over 8 percent today. The company released its results for the first quarter of FY24 yesterday, in which the company's net profit increased by 11 percent.
Infosys stock closed 8.18 percent down at Rs 1,330.40 on BSE today. During the day, it fell 9.47 percent to Rs 1,311.60. On the other hand, the company's shares closed at Rs 1,337.45 on the NSE, down 7.73 percent.
The market cap of Infosys also declined by Rs 49,159.03 crore to Rs 5,52,141.59 crore due to the fall in the company's shares.
Infosys released its first quarter results for FY24 yesterday i.e. on Thursday, reporting a below-expected 11 percent growth in net profit for the June quarter.
Net profit stood at Rs 5,945 crore for the quarter ended June 2023, as against Rs 5,362 crore in the year-ago period. The company's revenue grew 10 percent to Rs 37,933 crore during the recently ended quarter.
Its consolidated revenue from operations stood at Rs 37,933 crore during the quarter ended June, as against Rs 34,470 crore in Q1 FY23. In constant currency terms, revenue increased 4.2 percent year-on-year and 1 percent sequentially.
The country's second-largest IT services company has slashed its revenue guidance for the full year to 1 to 3.5 percent in constant currency, down from 4 to 7 percent projected earlier.
Today the shares of TCS, HCL Tech, Wipro, and Tech Mahindra have also closed on the red mark. Last week, TCS, HCL Tech, Wipro, and LTIMindtree announced their Q1 results.