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Selling pressure in Shares of Infosys Technologies saw the stock hit another 52-week low on the bourses. Infosys Technologies was trading at Rs 2147 at 9.55 am IST, breaching Thursday's low of Rs 2150.
The stock has now lost significant ground since it declared poor revenue guidance for FY 2013. Infosys Technologies Q1 results for 2012-2013 disappointed with profit after tax coming in at just Rs 2289 crores, against analysts expectations of around Rs 2,450 crores. The company reported a PAT of Rs 1,722 crore in the corresponding period of last year.
However, the prime reason for the fall in the stock price is the muted revenue guidance, lower client spending and dismal business environment in its key markets. Investors might now want to look at reshuffling their portfolio within IT and move into stocks like HCL Technologies and TCS which are reporting a better financial performance.
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