Bengaluru: Previously this firm was hailed as India's 7th most valuable firm, but no more. This after stocks plunged by more than 4% on Thursday.
Stocks of Infosys have bled as much as Rs 13,125 crores in market-capitalisation, after speculations from investors about the upcoming results. Fears have spooked investors and a similar sentiment is playing itself out on Friday.
Anxious investors saw the stock closing 4.47% down on the BSE, after they a handful investors lowered their estimates on the quarterly results.
The company's April-June quarter results are expected to be announced on July 13.
The challenge has been so deep-rooted that it has dented the stocks performance in spite of a news that shared a positive development about a partnership with Siemens to develop Advanced IoT engineering solutions.
The challenge for the scrip has been owing to a rumour from the street that suggests that a large fund house holding considerable volumes of shares may be selling it's holdings. Also, a "disappointing result" has been discreetly murmured.
The Infy stock at the time of writing this story was trading at Rs 1273.40, nearly 11.10 points or 0.86% down from the opening.
In two trading sessions, the shares have dropped nearly 6%, a biggest dip since April 16, when the scrip stabilised at Rs 1284.5 on the BSE.
The stock saw its market valuation fall by Rs 13,125 crore.
In terms of trade volumes, over 8.5 millions shares have ben sold, and analysts have reported that this was four times the volume on Wednesday.
Analysts from Motilal Oswal Securities said, "Infosys should continue to guide for 6-8% year on year growth in constant currency."
"However, its USD revenue growth outlook may be trimmed to 6-8% from 7-9% after depreciation of the Australian dollar, British pound and the euro v/s the US dollar," conceded the analysts.