IT major Infosys Technologies today fell by over 3% in morning trade on bourses as the company's fourth quarter results and earning guidance failed to meet the market expectations.
The scrip that opened on a weaker note, declined by 3.24% to a month's low of Rs 2,891.80 a share on Bombay Stock Exchange (BSE). In the previous trading session, it had tumbled 9.59%.
Similarly, investors booked profits at the company's counter on National Stock Exchange, where the stock lost 3.66% at Rs 2,880 a share.
On the volume front, over 23 lakh shares of the company were traded on the two bourses this morning.
Infosys had last Friday reported 13.62% jump in net profit at Rs 1,818 crore for the quarter ended March 31, which market experts termed as below-expectations.
"Infosys fourth quarter numbers were below our expectations in a seasonally weak quarter. The guidance for FY12 was also below our expectation. We expect the stock to correct after giving below-consensus guidance," financial services group Prabhudas Lilladher said in a note.
Meanwhile, the BSE benchmark index Sensex was trading 219 points up at 19,611.86 at 1015 hrs.