Investors booked profits after the stock had surged 10.8 per cent in June and 2.2 per cent so far this month as of Friday. "Infosys' results were ok but market is looking to test the sustenance of these numbers and the new CEO," said Nirakar Pradhan, chief investment officer at Future Generali India Life Insurance.
Infosys April-June operating profits were boosted in part by some one-offs such as a quarter-on-quarter reduction in so-called "unallocable expenses" to 2.3 billion rupees from 3.62 billion rupees and a reduction in depreciation going down to 2.3 billion from 3.6 billion, according to some analysts.
Analysts also cite disappointment that volume growth declined to 2.9 per cent in the April-June quarter from 4.1 per cent in the same quarter last year.
The shares are down 3 per cent at 3,227 at 3.30 pm after touching a low of 3185.80 earlier in the session.