Infosys settles lower ahead of Q3 results

Shares of Infosys on Thursday ended marginally lower ahead of its third quarter earnings to be announced on Friday.

The stock of IT major settled 0.34 per cent lower at Rs 2,320.35 on the BSE.

On the National Stock Exchange, the stock ended at Rs 2,326.20, down 0.21 per cent from its previous close.

"Third

quarter is seasonally weak for the IT industry, but weakness in the same period is compounded by extended furloughs and some impact from hurricane Sandy," Rikesh Parikh, VP Markets Strategy and Equities, Motilal Oswal Securities said.

Traditionally, the October-December quarter is a weak quarter for IT companies as the number of working days is lesser compared to other quarters due to the holiday season at the client locations.