India's second-largest software services exporter Infosys on Friday reported a 24 percent year-over-year rise in quarterly profit in line with forecasts however disappointing market expectations.
The company reported Rs. 9,860 crore in sales and Rs. 2,370 crore in net profit for the fiscal second quarter ending September 2012.
In the June quarter, Infosys had reported Rs. 9,616 crore in sales and Rs. 2,289 crore in net profit.
Despite robust sales and profit and retaining its full year dollar revenue guidance at 5 percent investors had expected Infosys to raise sales outlook especially following the acquisition of Swiss consultancy firm Lodestone.
A sharper than expected cut in rupee earnings per share forecast at Rs 160.61 from earlier forecast of Rs 166.46 in the June quarter also dented the company's stocks.
hares in the company plunged 8 percent in early trade and was trading at Rs 2,352.00 -- lower by Rs 179.45 -- at around 10 am.