Shares in India’s second-largest software firm Infosys have plunged after its growth forecast for the current financial year fell short of market expectations.
Infosys forecast dollar revenue to grow between six percent and 10 percent for the fiscal year that began this month. Analysts had expected 12 percent growth.
It shares fell more than 18 percent to 2,385 rupees on the Bombay Stock Exchange.
The firm, which was once was seen as a trend-setter for India’s multi-billion dollar outsourcing services industry, also reported a net profit of 23.9 billion rupees for the January to March quarter.
Revenue for the quarter rose 18 percent to 104.5 billion rupees.
Image: © Infosys
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