Infosys shares on Friday slipped more than 21 per cent, dragging the tech blue chip firm's market value down by a whopping Rs 34,848 crore, after the company posted disappointing results along with a weak guidance for the current fiscal.

For the three months ended March 31, 2012, Infosys announced a quarter-on-quarter revenue growth of just 0.3 per cent, while net profit grew by merely 1.1 per cent.

But, the biggest disappointment for investors came from the company's weak guidance for the financial year of 2013-14. The company said that it expected its revenue this fiscal to grow by 6-10 per cent, even lower than industry body NASSCOM's projection of 12-14 per cent. In addition, the company didn't announce the EPS.

Following the announcement of the results and weak guidance, Infosys shares suffered an unprecedented decline. After trading at nearly 25 per cent lower in intra-day trades, the stock closed 21.33 per cent lower at Rs 2,295 a share.

The Bombay Stock Exchange (BSE) Sensex suffered a decline of around 300 points to 18,242.56, ignoring a better-than-expected industrial growth and an improvement in inflation rate.

Rival software firms Wipro and TCS also saw their shares closing the day's trading at a loss. While Stock in Wipro slipped 4.7 per cent to close at Rs 383 a share, stock in TCS fell 1.6 per cent to close at Rs 1,511 a share.