Infosys, HDFC Bank Drag Indian Stocks Down Sharply: What's Behind Today's Plunge?

Indian markets opened deep in red on Monday amid weak global cues, with the benchmark S&P BSE Sensex plunging over 1,100 points, or nearly 2%. 

Heavyweights Infosys Ltd INFY and HDFC Bank Ltd HDB weighed the most on the domestic bourse, losing nearly 7% and 3.4%, respectively.

According to ICICI Securities, "quarterly earnings reports, news flow on the Russia-Ukraine war and rising COVID-19 cases in China remained on investors' radar."

Companies In News: India's top software services provider, Infosys, slumped as much as 7% to an eight-month low on the Sensex. The company last week reported revenue growth below market expectations and a sequential drop in quarterly EBIT margin of 200 bps to 21.5%.

"Infosys's performance in Q4 was weak, both on revenue growth and margin," according to ICICI Securities.

Meanwhile, HDFC Bank also released its quarterly results. The private sector banking major reported a 22.8% year-on-year increase in net profit for the Jan-March quarter.

Photo courtesy: Rungtaaadi on Wikimedia