Infosys under pressure ahead of Q3 FY24 results

The stock price of Infosys declined 1.44 per cent or ₹21.95 to trade at ₹1,497.70 at 10 am on BSE. The IT major was the major laggard within the 30-stock Sensex pack in early trade.

• Also read: Infosys Q3 results: 5 key things to watch out for

Infosys’ stock is under pressure as the company is set to announce the financial results for Q3 FY24 post the market hours later today.

Infosys is expected to record a de-growth in the range of -0.1 to -1.7 per cent, on a quarter-on-quarter (Q-o-Q) basis, according to a poll of brokerages.

The growth is noted to be impacted by a lower number of working days and higher-than-expected furloughs, and continued macro challenges.

• Also read: Markets to take cues from quarterly earnings of TCS, Infosys; global trends this week: Analysts

Announcing the Q2 FY24 results, the company trimmed its FY24 guidance from 1-3.5 per cent to 1-2.5 per cent as woes of reduction in discretionary spending and delay in decision-making continue to persist amid uncertain macro-environment.