Infosys shares can plunge to Rs 2000 levels: Brokerages

Infosys shares plunged on Friday after the IT major announced disappointing sales outlook for the 2013-14 fiscal. The stock fell as much as 20 per cent, losing over Rs 550, and traded at Rs 2,346 as of 1.15 p.m. Leading brokerages turned negative on Infosys, with many analysts quickly changing their outlook on Infosys shares.

"Expect flat earnings per share of Rs 165 for fiscal 2013-14. The stock can go to 12-13-times prices earnings, which gives us Rs 2,000-2,150," Barclays said.

Domestic brokerage Kotak termed Infosys results "very, very" disappointing. "Expect Infosys to see a sharp correction; other stocks should correct too," it added.

Global brokerage Nomura expects Infosys to correct as the wide range of guidance does not inspire confidence. (Also read: 10 reasons why Infosys shares fell 20%)

India-based IDFC, however, advised investors to buy into the weakness, saying the stock will trade in Rs 2,500-2,700 range.

Global brokerage Macquarie said Infosys has support at Rs 2,500 levels.