Infosys witnesses three percent fall, bags block deals

Indian multinational corporation Infosys witnessed a three percent fall in its share prices after multiple block deals on exchanges in early trade on Thursday.

About 78 lakh equity shares changed hands via multiple blocks on BSE and NSE at a price of around Rs 1,150.

According to media sources, S Gopalakrishnan and SD Shibulal, co-founders and former chairman's of Infosys, were likely to sell 50 lakh shares and 25 lakh shares through block deals today, respectively.

Offered shares represented 0.3 percent of Infosys' outstanding share capital. They were supposed to sell these shares at Rs. 1,149-1,178.50.

It was learnt that Citi was sole book-runner for the deal. As per latest shareholding pattern (December 2015), SD Shibulal and his family held two percent and S. Gopalakrishnan and his wife 3.3 percent stake in the company.

The immediate effect of the deal affected the share price of Infosys, which traded at Rs. 1,147.35, down Rs. 31.15, or 2.64 percent on the BSE.