Though Infosys reported a 33.3 per cent rise in its third quarter consolidated net profit, the shares took a beating on both BSE and NSE on Thursday, as the company cut its full year revenue guidance in dollar terms.

On the Bombay Stock Exchange the share opened lower at Rs. 2,744 against its previous close of 2,826 and continued its downward journey to quote at Rs. 2,578 at one stage. It recovered marginally to close at Rs. 2,588 losing 8.40 per cent over its previous close.

On the NSE the stock shed 8.43 per cent to finish at Rs. 2,588.25 against its previous close of Rs. 2,826.60. The company revised downwards its guidance for the current financial year to 16.4 per cent from 17.1 to 19.1 per cent projected earlier in October.

“The global economy, driven by slower growth in developed markets coupled with the European crisis, could impact the growth of the IT industry,” said S. D. Shibulal, CEO and Managing Director in a press statement.

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