Shares of Infosys hit a 52-week low at Rs 1,360.15, down 1 % on the NSE in Thursday’s intra-day trade. The stock has dropped 14 percent so far in the last month and tanked almost 27% so far in 2022. amid growing concerns. Analysts peg more pain ahead for the Indian IT companies amid a likely slowdown in revenue growth of the US dollar. All eyes are on Accenture's FY23 growth outlook which will set the tone for growth expectations for the overall IT services industry. The US Fed hiked its benchmark interest rate by 75 basis points for the third consecutive time on Sept 21 and gave a hawkish outlook for future monetary tightening to curb the soaring inflation. The IT index hit an intra-day low of 26,552 and traded close to its 52-week low of 26,189 on the NSE. Global brokerage Goldman Sach downgraded its rating on Infosys from ‘Buy’ to ‘Sell’ last week, stating that it remained more optimistic on the EBIT margin estimations of Indian IT companies than their revenue prospects.
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