FRANKFURT (dpa-AFX) - With high price losses after a renewed reduction of the sales forecast, the shares of Nagarro have marked the lowest level since January 2021 on Monday. Most recently, they lost 8.4 percent to 74 euros as the tail light in the hardly changed SDax of the smaller Borsenwerte. Since the beginning of the year, the losses add up to a third.

The IT service provider pointed to unfavorable currency developments and restraint in some projects. The company also lowered its gross margin and Ebitda (earnings before interest, taxes, depreciation and amortization) margin targets.

The forecast cut is anything but demanding for investor sentiment, but it is not too significant, wrote analyst Andreas Wolf of Warburg Research. The shares are also trading at a significant discount to papers of comparable companies.

However, the comparatively favorable valuation could not encourage bargain hunters to buy at the beginning of the week. Rather, it appears that in view of the second forecast reduction within a few months, investors are losing confidence.

Nagarro had gone to the Frankfurt Stock Exchange in December 2020 with an initial price of 69 euros, which the papers are now approaching again. After a rapid rally until the beginning of 2022, the price had more than tripled to 212 euros. This was followed by an equally rapid decline./ajx/ngu/jha/