Shares of Infosys today tumbled 6 per cent with an erosion of Rs 14,504 crore in its market valuation, after the company's fourth quarter earnings missed the market expectations.
The stock plunged 5.95 per cent to settle at Rs 1,996.25 on the BSE. In intra-day, it had tanked 6.62 per cent to Rs 1,982. The stock ended below the Rs 2,000-mark after a gap of over three months.
At the NSE, it slumped 5.97 per cent to Rs 1,995.20.
The company's market value also dipped Rs 14,504.21 crore to Rs 2,29,263.79 crore. The blue-chip stock was the biggest loser among the Sensex and Nifty components.
In terms of volume, 15.21 lakh shares of the company changed hands at the BSE and over one crore shares were traded at the NSE during the day.
"Infosys' Q4 profit on a sequential basis fell 4.7 per cent and thus missed street expectations," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Ltd.
Infosys reported 3.5 per cent growth in consolidated net profit to Rs 3,097 crore for the quarter ended March 31.
It had posted net profit of Rs 2,992 crore in the January -March quarter of the 2013-14 fiscal, Infosys said in a BSE filing.
Revenue of the country's second largest IT services firm rose by 4.2 per cent to Rs 13,411 crore in fourth of the last fiscal compared to Rs 12,875 crore in the same quarter of 2013-14.
On a sequential basis, Infosys' net profit fell 4.7 per cent, while revenue declined by 2.8 per cent.
Infosys said it expects revenue for 2015-16 fiscal to grow in the range of 10-12 per cent, which is below the industry average estimates.
Weakness was also seen in other IT stocks, where Tech Mahindra fell by 5.20 per cent, Hexaware Technologies slipped 2.38 per cent and Wipro lost 2.12 per cent. The BSE IT index ended 2.78 per cent lower at 10,525.16.
The BSE benchmark Sensex ended at 27,437.94, down 297.08 points.
