Infosys Stock Plummets Amidst Cancellation of AI Deal and Declining Share Price in September 2023

Infosys Share Price: A Roller Coaster Ride in September 2023

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Infosys, one of India’s leading IT companies, had signed a groundbreaking deal in September 2023 to develop artificial intelligence solutions. However, the company recently decided to terminate the agreement, sending its share price into a downward spiral. The deal was worth $1.5 billion and aimed to modernize digital transformation and business management services using AI platforms and solutions.

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Media reports suggest that Infosys, under the leadership of Salil Parekh, had signed a 15-year contract worth approximately ₹12,500 crore or $1.5 billion in Indian currency on September 14, 2023. However, the company has now informed the Securities and Exchange Board of India (SEBI) that it has decided to terminate the Memorandum of Understanding (MoU) and will not expand the master agreement. This announcement has heavily impacted Infosys’ share price.

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On Tuesday, December 26, 2023, Infosys’ shares were trading at ₹1,534.15, experiencing a significant drop of 1.84%. However, the shares rebounded slightly on Wednesday, December 27, 2023, with a 1.04% increase, trading at ₹1,560.

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The AI deal was intended to leverage Infosys’ platforms and AI solutions to digitize and modernize business management and operational services. However, Infosys has not disclosed the name of the company involved in terminating the deal. The company has also not announced the reasons behind canceling the agreement, which has created speculation in the market.

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Recently, Infosys faced a setback when its Chief Financial Officer, Nilanjan Roy, resigned from his position. This resignation had a significant impact on the company’s share price.

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In the past few months, Infosys has signed several substantial deals. Last week, it announced a five-year agreement with LKQ Europe, an auto parts distributor. Additionally, Infosys signed a five-year, $1.64 billion contract with Liberty Global, headquartered in London. The company has also entered into a $454 million deal with Danske Bank.

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Infosys is set to announce its financial results for the third quarter on January 11, 2024. The company has already signed deals worth $7.7 billion in the second quarter of the current fiscal year. Last week, Infosys’ shares were trading with a slight upward trend.

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On December 22, 2023, Infosys’ share price closed at ₹1,562.90, experiencing a 1.75% increase. Kotak Institutional Equities firm has recommended buying Infosys shares, and experts have set a target price of ₹1,870.

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The Infosys share price has certainly been on a roller coaster ride in September 2023. Despite the recent setback, the company’s future remains uncertain. Stay tuned for more updates on Infosys’ share price and its impact on the market.

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