Infosys’s Forecast, Profit Miss Estimates; Shares Plunge
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Infosys Technologies Ltd., India’s No. 2 software exporter, fell the most in almost two years in Mumbai after forecasting sales that trailed analysts’ estimates and reporting fourth-quarter profit that missed expectations.
The shares had their biggest decline since May 2009, after the Bangalore, India-based software-services provider said sales in the year that began this month would be in the range of 317.3 billion rupees ($7.16 billion) to 322.7 billion rupees. The average of 52 analysts’ estimates was for 341.5 billion rupees.