Infosys share price falls 10%,Nifty IT drops more than 4%
Now, India is the leading country in the industry of IT services, with major MNCs such as TCS, Wipro, and Infosys. Infosys is India’s second largest IT services company, and it recently reported its Q1 results for FY24. They claim an 11% increase in net profit to Rs. 5,945 crore, up from Rs. 5,360 crore the previous year. In response to rising demand, the IT behemoth reduced its FY24 revenue projection to 1-3.5 percent from 4-7 percent. India came in second in terms of revenue growth for the organization, with a 10.9% YoY increase. While the rest of the world’s revenue fell by 4.5% YoY, North American revenue had a modest growth of 2.3% YoY. ADRs decline 9% on the NYSE during pre-market trading. After mixed June quarter results, tomorrow’s attention will be on Nifty IT and Infosys shares.