Infosys share price falls more than 11%

In the morning trade on Monday, April 17, 2023, the share price of IT major Infosys plunged an astonishing 10% to hit a lower circuit. For the time being, trading in the shares has been halted.

On the NSE, each share of Infosys was trading at 1250.30, down 138.90 or 10%. At 9.22 a.m. on the Bombay Stock Exchange (BSE), Infosys' share price was 1249.75 a share, down 10%, or 138.85 per share.

There are almost 27 lakh sell orders on the stock, but no buyers.

The American Depository Receipt (ADR) pricing in US markets had projected that Infosys' stock price would open in the red on Indian indices on Monday.

OI in Infosys contracts increased 8.3% over the previous session, while the price fell 2.7% on Thursday. HCL Tech, the best-performing large-cap IT stock in the previous year, saw its contract OI rise 5.2% overnight as the contract price decreased 2% as Anand Birje, the company's digital services unit head, resigned.

Infosys fell short of the Street's revenue and profit projections for the March quarter, prompting traders to place bearish bets on the stock ahead of the report. Despite the fact that the Q4 data were released after market hours in India, the stock finished 2.74% lower at 1,389.20, as if traders expected a poor showing. The massive short buildup on Infosys' futures and options counter demonstrated this.

Infosys has declined 2.4% in the last week, 6.17% in the last three months, and more than 20% in the last year.

The share price hit a 52-week low of 1355.5 cents per share today.