IT czar Infosys Technologies on Thursday took a hit on the Dalal Street, plunging by nearly 4% on the Bombay Stock Exchange (BSE) after the company's third quarter earnings failed to meet the market expectations.
The IT bellwether's consolidated Q3 net profit grew by 14.17% to Rs 1,780 crore against Rs 1,559 crore in the last quarter.
"An over 14% jump in the third quarter by Infosys was below the market expectations... The street was hoping a growth of 16-17%," Stock Broking Head of Institutional Business Prakash Diwan said.
Reacting sharply to below the market expectations number, Infosys dipped by 3.70% on Bombay Stock Exchange to Rs 3,250 a share.
The stock was the top loser among the frontline scrips in the Sensex.
The stock witnessed a similar downslide on the National Stock Exchange where it slid by 3.76% to Rs 3,250.
Meanwhile, the decline in Infosys share plagued the movement of the BSE key index Sensex, which was quoting at 19,407.81, down by 126.29 points at 10:00am.