Rupee opens marginally higher at 66.88 per dollar , Infosys posts 4% drop in Q1 PAT at Rs 3,440 crore
The Indian rupee opened marginally higher at 66.88 per dollar on Friday versus previous close of 66.91.Infosys BSE -8.32 % put out a quarterly report card that fell well below market expectations. It slashed its full-year revenue guidance, disappointing investors who punished the stock in early-morning trade as weak spending from Europe dragged down quarterly growth and ended the company's recent resurgence over the last four quarters.
Shares of India's second largest software exporter were down nearly 9% in early morning trade at Rs. 1075.50 on the BSE at 10.35 a.m. on Friday.
Infosys also scaled down its full-year revenue guidance to 10.5-12% in constant currency terms. In April Infosys forecast revenue growth of 11.8-13.8% in actual currency terms for the 2016-17 fiscal and by 11.5-13.5% in constant currency terms.
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