On Monday, April 17, 2023, the opening trading saw a 10% decline in the Infosys share price, a significant IT company. The stock hasn’t been traded in for a while.
On the NSE, Infosys company‘s shares were trading for 1250.30 rupees each, down 138.90 or 10%. At 9.22 am on the Bombay Stock Exchange (BSE), Infosys’ share price was at 1249.75 rupees per share, down 10% or 138.85 rupees per share.
For the stock, there are over 27 lakh sell orders but no buyers.
The price of American Depository Receipts (ADRs) on US markets had indicated that Infosys’ stock price was expected to open Monday’s Indian indexes in the negative.
OI on futures for Infosys increased by 8.3% from the prior session while the price dropped by 2.7% on Thursday. Given the retirement of Anand Birje, the head of the company’s digital services business, contract OI for HCL Tech, the best-performing large-cap IT stock over the past year, rose by 5.2% overnight even as contract price dropped by 2%.
Prior to the release of the results, traders placed bearish wagers on the stock of Infosys since it fell short of the Street’s revenue and profit projections for the March quarter. Even though India’s Q4 data were released after market hours, the stock nevertheless finished 2.74% lower at $1,389.20 as if traders were expecting a poor performance. The significant short buildup on Infosys’ futures and options counter made this clear.
Infosys has decreased 2.4% during the past week, 6.17% over the past three months, and more than 20% over the past year.
Today, the share price fell below its 52-week low of $1355.5 per share.
