Infosys extends fall on heavy volumes; stock hits one-month low

The stock was down 3.5% to Rs 923, extending its 2.4% decline in past two trading sessions on NSE.

Infosys hit one-month low of Rs 923, down 3.5% on the National Stock Exchange (NSE) in intra-day trade, extending its 2.4% decline in past two trading sessions, on back of heavy volumes.

At 01.42 am; the stock was trading 2% lower at Rs 936, as compared to 0.15% decline in the Nifty 50 and 0.89% fall in the Nifty IT index. The trading volumes on the counter more than doubled with a combined 4.75 million shares changed hands on the BSE and NSE so far.

According to media report, Infosys co-founders were looking to sell their entire stake in the company.

“The reports in the media are speculating on plans of stake sale by the promoters. This speculation has already been categorically denied by the promoters”, Infosys said on clarification of the news report.

The company further reiterates that it has no information on any such development. We would like to appeal to the media not to fuel such speculative stories as they are likely to harm the interests of the company and all its stakeholders, it added.

On Thursday after market hours, Infosys said that the company would like to clarify that the news reports on pricing cuts seen by the IT industry being attributed to the Infosys COO are incorrect. His comments have been misrepresented.

Infosys commentary on pricing is no different from what we have shared with the market earlier. We would like to reiterate that we are not seeing anything new on pricing, it added.