Infosys, an IT giant, suffered a significant fall in its market capitalization due to poor quarterly results and soft FY24 revenue guidance.

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The fall in Infosys shares led to a substantial notional loss for key shareholders such as Life Insurance Corporation of India and the Murthy family within the first few seconds of trading on Monday.

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LIC owned a 7.71% stake in Infosys at the end of December quarter. Following Infosys' 10% plunge on Monday morning, the holding value for LIC dropped to Rs 35,166 crore, down Rs 3,907 crore in seconds

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Sudha N Murthy, the wife of Narayana Murthy, owned a 0.95% stake worth Rs 4,797.69 crore as of Thursday's closing, which has fallen Rs 480 crore to Rs 4317.96 crore.

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Sudha Gopalkirshnan lost Rs 1,324 crore on 2.61% stake she held in the company.

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Shares of Infosys hit lower circuit limit at Rs 1,249.75, as a host of brokerages cut their target prices for the stock.

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SBI Mutual Fund lost Rs 2,239.55 crore notionally on its investment in Infosys, while ICICI Prudential MF took Rs 1,226.79 crore in notional hit.

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Nomura India downgraded the stock to 'Neutral' and cut its target price to Rs 1,290, citing weak guidance for FY24 and the narrowing growth differential with TCS.

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Nuvama Institutional Equities suggested a revised target of Rs 1,610 from Rs 1,900 earlier.

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Infosys now requires 1.7% to 2.8% compounded quarterly growth rate over the next four quarters to meet its guidance.

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