|Company Name||Infosys Limited|
On April 13, 2023, Infosys released its fourth quarter fiscal 2023 financial results, missing consensus estimates. The Company’s Chief Executive Officer explained that “during the quarter, [the Company] saw unplanned project ramp downs in some of [its] clients and delays in decision making, which resulted in lower volumes.” Infosys also warned that, while there had been “some signs of stabilization,” the “environment remains uncertain.”
On this news, Infosys’ stock price fell $1.67, or 9.8%, to close at $15.40 per share on April 13, 2023, thereby injuring investors.
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