Shares of Infosys fell as much as 3.5 percent to their lowest since May 5.
Highlights
- Infosys shares hit its lowest-level in over a month
- Shares of the software company fell as much as 3.5 per cent
- The company reiterates that it has no information on any such development
Shares in Infosys fell as much as 3.5 per cent to their lowest in over a month on Friday after a newspaper reported the company's founders were planning to sell their stakes, citing people familiar with the development.
Infosys co-founders are exploring a sale of their entire 12.75 per cent stake, worth about Rs 28,000 crore, in the software services exporter, the
Times of India reported.
The newspaper, however, quoted Infosys founder Narayana Murthy denying such a move. Murthy, along with his family, is the largest shareholder in Infosys with a 3.44 per cent stake.
Shares of the software company fell as much as 3.5 percent to their lowest since May 5. Promoters were not immediately reachable.
In a clarification, Infosys said, "This speculation has already been categorically denied by the promoters. The company further reiterates that it has no information on any such development."
At 10:22 am, Infosys shares had pared some losses and were down 2 per cent as compared to 020 per cent fall in broader Nifty50 index.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)