Infosys plunges 12% in two days amid Covid-19 woes, stock hits 52-week low

Shares of Infosys were trading lower for the second straight day, sliding 3 per cent today to hit a 52-week low of Rs 565, on the BSE. The stock of the IT consulting & software firm was trading at its lowest level since April 19, 2018.

In the past two days, the market price of Infosys has slipped 12 per cent, as compared to a 7 per cent decline in the S&P BSE Sensex. In the past four weeks, too, the stock has underperformed the market by plunging 29 per cent, as against a 23 per cent fall in the benchmark index and 26 per cent decline in the S&P BSE IT index.

Information Technology counters’ share prices have corrected sharply (23 per cent-29 per cent) over the last four weeks factoring in potential demand shocks from Covid-19 spreading to key client markets (US/ Western Europe), oil price shock and potential impact on global growth.