Infosys ADRs drop after company trims annual growth forecast
Today 13:42
BUZZ-Infosys ADRs drop after company trims annual growth forecast ** US-listed shares of Indian IT service provider Infosys INFY.K fall 7.9% to $12.2 premarket
** Stock set to open at its steepest one-day drop in over 4 months, if losses hold
** Co trims its FY27 revenue growth forecast to 1%-2% from its previous forecast of 1.5%-3%
** Rise of AI has hurt Indian IT industry, forcing cos to overhaul their business models and offer steep discounts
** INFY posts Q2 revenue of $5.19 bln (492.44 bln rupees), slightly above analysts' estimates of $5.17 bln (491.32 bln rupees), according to data compiled by LSEG
** As of last close, stock down 25.8% YTD
($1 = 94.9400 Indian rupees)
(Reporting by Anand Gopal in Bengaluru)
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