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Infosys shares slump 9% as Q4 profit misses street view

BENGALURU (Reuters) – Shares of India’s Infosys (NYSE:INFY) fell 9% on Monday, pulling down the broader IT index as the software services provider’s lower-than-expected March profit last week triggered fears of growth normalisation in the sector after a pandemic-led boom.

Infosys, India’s No.2 software services firm, on Wednesday reported a consolidated net profit of 56.86 billion rupees ($744.05 million) for the quarter ended March 31, missing analysts’ expectations of 59.80 billion rupees.

The Nifty IT services index was down 3.24%.

Indian markets were closed on Thursday and Friday for public holidays.

($1 = 76.4200 Indian rupees)

Source : Reuters

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