Infosys down over 5% in three days; stock trades ex-dividend

In past three trading days, the stock slipped 6% from Rs 1,267 to Rs 1,193, as compared to 0.21% rise in Sensex.

Infosys has dipped nearly 4% to Rs 1,193 on the BSE after the stock turned ex-dividend for Rs 14.25 per share on Thursday.

In past three trading sessions, it has slipped 6% from Rs 1,267 on June 6, as compared to 0.21% rise in the S&P BSE Sensex. The stock hit a record high of Rs 1,278 on June 3, during intra-day trade.

The board of directors of Infosys at its meeting held on April 15, 2016, had recommended a final dividend of Rs 14.25 per equity share for the financial year ended March 31, 2016. The register of members & share transfer books of the company will remain closed on June 11, 2016 for the purpose of payment of final dividend & 35th Annual General Meeting (AGM) of the company to be held on June 18, 2016. The dividend will be paid on June 20, 2016, Infosys said in a BSE filing.

Since April 18, post March quarter results, the stock of Infosys had outperformed the market with gain of 8% as compared to 4.5% rise in the benchmark index till Monday.

According to Economic Times report, Infosys chief operating officer (COO) UB Pravin Rao on Wednesday warned that India's second largest software exporter would face volatility over the next few quarters, due to weaker spending from sectors such as energy and insurance, but added that the company was still on track to meet its full-year constant currency revenue guidance of 11.5-13.5%. CLICK HERE TO READ FULL REPORT.

Till 10:28 AM, a combined 2.11 million shares changed hands on the counter on the BSE and NSE.