Infosys slips 6% post Q3 results, drags down Nifty IT index
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Infosys shares tumbled close to 6% on Friday as the company's muted outlook after its third-quarter results prompted investors to cut their bets. "While Infosys reported decent numbers, the management expects a muted fourth quarter which led to the slide in the stock," said Dharmesh Kant, head of research, Cholamandalam Securities. "Given that Infosys was trading at lofty valuations, the profit booking was expected." The stock ended at ₹1,817.50, down 5.8% over the previous trading sessions. The Nifty Information Technology (IT) Index fell 2.7% dragged by the decline in Infosys. Out of the 10 stocks on the Nifty IT, eight declined and two advanced. Wipro shed 2.2% on Friday and TCS shares were down 2%. Tech Mahindra and Persistent Systems fell 1.8% and 1.7%, respectively. LTI Mindtree and Coforge moved over 1% lower. ETMarkets.com Kant said that the management also didn't seem confident about Donald Trump's...