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Originally published Thursday, April 11, 2013 at 11:14 PM

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Infosys profit down, shares slide on outlook

Indian outsourcing giant Infosys reported lower quarterly profit and forecast subdued revenue growth on Friday, sending its shares down 21 percent.

The Associated Press

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MUMBAI, India —

Indian outsourcing giant Infosys reported lower quarterly profit and forecast subdued revenue growth on Friday, sending its shares down 21 percent.

Net profit for the January-March quarter fell 4.1 percent from a year earlier to $444 million, the company said.

It forecast revenue to grow between 6 percent and 10 percent for the fiscal year ending March 2014, below the expectations of analysts.

Infosys is considered a bellwether for India's outsourcing industry, which has been hit by uncertain world business sentiment. The industry provides information technology and business support services to companies from Europe to the United States.

"Global economic uncertainties remain challenging for the IT industry" said Infosys' CEO and managing director S.D. Shibulal.

Revenue for the January-March quarter rose 9.4 percent from a year earlier to $1.94 billion.

Infosys shares were down 21 percent to 2,308.6 rupees in Mumbai stock trading.

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