Shares in India's Infosys Technologies Ltd
plunged by over 20 per cent on Friday after the firm forecast weak
sales for the financial year to March 2014.
The country's second-largest software services firm said net profit in the most recent quarter was 441 million dollars, down 4.1 per cent from 463 million dollars in the corresponding period last year.
The firm, based in the southern city of Bangalore, projected its annual revenues to grow between 6 and 10 per cent in the year to March 31, 2014.
Analysts had expected Infosys to target up to 13-per-cent revenue growth, broadcaster NDTV reported.
Shares tanked 20.56 per cent in afternoon trading on the news, impacting the benchmark Sensex, which dipped 1.71 per cent or 317.64 points to 18,224.56.
"Global economic uncertainties remain challenging for the IT industry," Infosys chief executive SD Shibulal said.
Indian IT firms have been hit by the eurozone crisis, the US economic slowdown and a sharp devaluation of the rupee in the past year.
Most Popular Stories
- Chobani Counters Competition With Expanded Lineup
- Reid: Bundy Backers Are 'Domestic Terrorists'
- Ex-BP Employee Settles Insider Trading Charges
- Venture Investments in U.S. Highest Since 2001
- Colo. Cleantech Program Calls for Entrepreneurs
- Hiring Fair for Veterans, Job Seekers
- Unemployment Rates Down, Job Gains Up in March
- Recordings Reveal a Not-So-Nice Martinez: Editorial
- VW Beetle Marks 65th Year in U.S.
- The Biebs Crashes Drake's Release Party