Rub-off effect! IT stocks crash up to 10%; Infosys top loser

Infosys led Friday’s bloodbath on Dalal Street as the equity market fell like a pack of cards, breaking a four-session record-breaking spree. Infosys shares plunged nearly 10% to the day’s lows of 1,305 following its June quarter earnings on Thursday where it significantly cut its FY24 revenue growth guidance.

The last major fall for Infosys was on April 17, 2023, when the stock fell by over 14% while the Nifty IT index fell 7.62%.