BENGALURU, April 17 (Reuters) – Infosys Ltd (INFY.NS) shares slumped as a lot as 10% on Monday to their lowest degree in over two years after the IT companies exporter forecast income development this fiscal can be the slowest in six years and missed revenue estimates for the fourth quarter.

India’s second-largest IT companies agency on Thursday said it expects income development of 4%-7% for the fiscal 12 months ending March 2024, properly under analysts’ expectations of 10.7% development, as purchasers clamped down or deferred spending because of rising fears of a recession in lots of nations.

The Bengaluru- primarily based firm’s web revenue of 61.28 billion rupees ($748.21 million) within the January-March quarter additionally missed analysts’ expectations of 66.24 billion rupees, in accordance with Refinitiv IBES.

The Nifty IT index (.NIFTYIT) dropped over 6%.

($1 = 81.9020 Indian rupees)

Reporting by Nishit Navin; enhancing by Eileen Soreng

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