 "Infosys")
Infosys stock fell 9.6% last Friday consequent to the announcement of resignation of its CEO, Vishal Sikka. Subsequently on Saturday, as proposed earlier, the company announced buyback of 11.3 crore number of shares from investors at a price of Rs 1,150 per share for total value up to Rs 13,000 crore through a tender offer on a proportionate basis. This is 4.92% of total paid up capital and at a premium of 24.5% on Friday’s closing price.
We maintain our view that the wealth creation opportunity in the large IT stocks is not there at least for the next 3
