Infosys cuts FY19 EBIT margin guidance; stock dips 6%

The stock dipped 6% to Rs 1,099 on the BSE in opening deal after IT major said its EBIT will grew 22-24% for FY19 as compared to 24.3% achieved in FY18.

Infosys has dipped 6% to Rs 1,099 on the BSE in opening deals on profit booking after the information technology (IT) major said its earnings before interest and tax (EBIT) will grew 22-24% for 2018-19 (FY19) as compared to 24.3% achieved in FY18.

At 09:26 am; the stock recovered from its early morning low and was trading 3.7% lower at Rs 1,126, as compared to 0.23% decline in the S&P BSE Sensex.

Thus far in the calendar year 2018, Infosys had outperformed the market by surging 12% against a marginal 0.4% rise in the benchmark index till Friday.