Infosys tanks 7.7% on downgrades; leads sell-off in the IT world

Mumbai: Shares of software services giant Infosys plunged 7.7% on Friday – their biggest single-day fall in over three months – after the company slashed its FY24 revenue guidance, triggering downgrades from analysts. The disappointment in earnings forecasts by the sector leaders sparked a sell-off in shares of other companies such as TCS, Wipro, HCL Technologies and Tech Mahindra with the NSE Information Technology (IT) index shedding 4.1% on Friday – its biggest single day fall since April 17.