Infosys ADR Slips 2.5 Percent on Wall Street, Lags Market
Infosys Ltd’s American Depositary Receipt slipped 2.54 percent to $10.76 on Monday, underperforming a broadly positive US market.
The fall marked the ADR’s second straight day of losses. The S&P 500 rose 0.66 percent and the Dow gained 0.18 percent in the same session, according to MarketWatch.
On Friday, the ADR had shed 2.73 percent to $11.04, snapping a four-day winning streak. It now sits 64 percent below its 52-week high of $30, reached on December 19.
The IT ADR underperformed peers on Monday. Accenture fell 1.94 percent, HP declined 2.02 percent, and Oracle edged up 0.13 percent. Trading volume of 17.2 million shares came in slightly below the 50-day average.
The ADR’s fall came even as India’s Nifty 50 ended higher on Monday, showing Wall Street’s tech caution. Analysts said global IT stocks faced pressure from concerns about enterprise spending. Infosys shares had risen for four straight sessions before Friday’s drop. Investors now watch the company’s quarterly results for fresh guidance on growth.
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