Infosys Slumps 9 Percent on Revenue Outlook Worries
March 13, 2014 3:38 PM EST
Shares in Infosys fell as much as 9 percent on concerns about the revenue outlook after Barclays cited the software service exporter's chief executive SD Shibulal as saying the company was facing challenges in some customer segments.
Employees walk in front of a pyramid-shaped building at the Infosys campus in the Electronic City area of Bangalore September 4, 2012.
Barclays, in an email to clients, said Infosys (INFY.NS) management, highlighted improving customer optimism, but added Shibulal had also "highlighted the challenges faced by the company in retail and Hi-Tech vertical."
"We believe that if the challenges outplay positives, the company is likely to gravitate towards lower end of FY14 guidance, implying muted Q4FY14," Barclays said in its email.
Infosys, India's second largest software services exporter, in January raised revenue growth guidance for the 2013/14 financial year to between 11.5 and 12 percent from a previously forecast 9-10 percent, citing higher demand for its services.
Infosys shares were down 7.4 percent at 9:27 a.m.
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