Infosys shares hammered down on probe by US Department of Homeland Security

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 Infosys shares hammered down on probe in the US
Shares of Infosys Technologies dropped as much as 3.32%, on reports that U.S. authorities are investigating the company for likely errors in employer eligibility documents of its staff.

Infosys has said that the action could affect it materially, which saw the share price reacting sharply.

The present investigations is now a fresh worry for the company following a poor performance earlier.

The shares of Infosys have been hammered down ever since the company reported its quarterly results and the present probe by the US Department of Homeland Security saw a fresh selling in the counter.

The company it may be recalled had put in a dismal performance in its financial performance declared on April 13.

The company's revenues came in far below expectations and so was its guidance for FY 2012-2013. The Dollar revenues came in at $1771 million, as against market expectations of dollar revenues of at least $1825 million. The net profit for the fourth quarter at Rs 2316 crores, saw a drop of 2.36% over the previous quarter. The quarterly revenues came in at Rs Rs 8852 against market expectations of at least Rs 9200 crores.

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