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

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.

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

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.

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

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

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.

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.

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

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