Infosys stock extends selloff after quarterly results were ‘much weaker’ than J.P. Morgan’s analyst thought possible

The U.S.-listed shares of Infosys Ltd.
INFY,
-0.52%
extended their selloff toward a fresh 2 1/2-year low Friday, in the wake of the India-based digital services and consulting company’s disappointing quarterly results. J.P. Morgan analyst Ankur Rudra reiterated his neutral rating, saying the “very disappointing” results were “much weaker than we thought was possible.” Susquehanna’s James Friedman also reiterated his neutral rating, but cut his stock price target to $15 from $20. The stock fell 0.6% in morning trading, after tumbling 9.8% on Thursday to suffer the biggest one-day selloff in three years. The stock, which is on track for the lowest close since December 2020, has dropped 15.0% year to date, while the iShares MSCI India exchange-traded fund has lost 3.6% and the S&P 500 has gained 7.7%.