₹1,231.80 apiece, the most intraday since March 2020, in Monday's trade after the IT services firm's guidance painted a negative outlook for India’s technology sector following turmoil at US and European banks.
The stock has grown by 2.5 times over the past five years from ₹564 in April 2018 to ₹1,388 levels in April 2023. Post its March quarter results, Infosys' shares have an average price target of ₹1,540, which suggests a 25 per cent potential upside on the counter.
Infosys was hit by a wave of downgrades after it said that sales growth will be just 4 per cent to 7 per cent this financial year because of a reduction in client spending and an uncertain demand environment due to US bank failures.
That compares with an average analyst estimate of 10.6 per cent. As many as 10 brokers including JPMorgan Chase & Co, Macquarie Group and Citigroup have lowered their ratings on the stock.