The company has forecast revenue growth of 6 to 10 percent for the year to March 2014. This is much lower than street expectations.
Infosys shares were down 21 percent at 2,311 rupees as of 1:10 p.m. after hitting a session low of 2,310.10 rupees, which marked its lowest intraday level.
Bears have profited from Infosys results on more occasions than bulls, at least on the day of the earnings announcement. As the table below shows, in the past 11 quarters, Infosys shares have closed in the red nine times, shedding between 3-12 percent. The stock will most likely top the list of losers today, making it a 10-2 sweep for the bears.
Bulls have not done too well, even over a longer time frame. In the last 23 quarters, they have managed to trump the bears only on seven occasions.
The weakness in the stock on results day does not every time have to do with missing earnings guidance. Even when the company has managed to meet or better market expectations, unwinding of speculative positions built in anticipation of good numbers has led to pressure on the stock.
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