Infosys wipes out early gains, ends 0.5% lower on late sell-off

New Delhi: Shares of Infosys erased all its early gains and ended 0.5 percent lower on Friday even after the company reported better-than-expected 1.3 per cent rise in June quarter net profit.

The stock witnesses late sell-off and ended the day at Rs 972.05, down 0.44 percent on BSE. During the day, the stock had gained 3.10 per cent to Rs 1,006.65.

At NSE, shares of the company slipped 0.51 percent to close at Rs 972.05.

In terms of volume, 6.85 lakh shares of the company were traded on BSE, and over one crore shares changed hands at NSE during the day.

Selling pressure was also seen in other IT stocks, with TCS falling 1.85 percent, Wipro (1.78 percent), HCL Tech (0.87 percent) and Tech Mahindra (0.41 percent).

The BSE IT index ended 0.95 percent lower at 10,051.60.

Infosys, India's second-biggest software services exporter, today reported better-than-expected 1.3 percent rise in its June quarter net profit on winning key clients in North America and Europe and raised its annual US dollar revenue outlook.

Net profit in April-June 2017-18 at Rs 3,483 crore, or Rs 15.24 per share, was 1.3 percent higher than Rs 3,436 crore (Rs 15.03 a share) in the same period a year ago.

Infosys raised its US dollar revenue growth guidance for the fiscal to 7.1-9.1 percent, from the previously projected 6.1-8.1 percent. However, Infosys maintained its constant currency revenue guidance at 6.5-8.5 percent.

Revenue grew 1.7 per cent to Rs 17,078 crore in the first quarter of 2017-18 as against Rs 16,782 crore in the year-ago period.