Sensex crashes by 297 points to 3-month low on Infosys numbers

The country’s second largest software services provider, Infosys, on Friday announced unsatisfactory Q4 results, taking its toll on share values as the benchmark S&P BSE Sensex plunged by 297 points to log its more-than three-month low of 27,437.94 on across-the-board sell-off during the day. Heavy selling by foreign investors as they are still worried over the controversial tax issue amid sustained fall in the rupee value continued to put pressure on the market.

IT services bellwether Infosys today reported 3.5 pct growth in consolidated net profit for the quarter ended March 31 and expected revenue for 2015-16 fiscal to grow in a range of 10-12 pct, which was said to be below market expectations. Reacting to results, the share value of the company tumbled by 5.95 pct and was the top loser from the sensex pack, alone contributing over 150 points to the sensex fall.

All-round selling was noticed as 11 out of 12 sectoral indices closed with losses while FMCG index finished almost stable on the back of smart rise in tobacco giant, ITC. Realty, consumer durable, IT, Teck, CG, Banking, metal and pharma shares were the pacesetters in the decline.

The BSE 30-share barometer immediately after the onset of business touched a high of 27,829.11 but fell back sharply and register a low of 27,344.70 before concluding at 27,437.