Infosys hits 3-year low as buyback fails to cheer Street

The stock hit three-year low of Rs 881, down 4.5%, extending its Friday's nearly 10% fall on NSE.

Infosys dipped  to its three-year low of Rs 881, down 4.5% in intra-day trade, extending its previous day’s fall of nearly 10% on National Stock Exchange (NSE) after the IT major's buyback plan failed to cheer the markets. The company on Saturday announced that it would buy back shares worth up to Rs 13,000 crore, or 4.92%, from investors at Rs 1,150 per share.

The share buyback price is at a whopping 24.6% premium to its Friday’s closing price of Rs 923. But this is post 10% correction the stock underwent on Friday, after the resignation of Managing Director