Infosys shares extend slide, down 4.55% to Rs 881.15 as wary investors sell stock
The scrip of Infosys continued to reel under pressure for the second consecutive session on Monday, falling 4.5 percent, despite the company's share buyback announcement
New Delhi: The scrip of Infosys continued to reel under pressure for the second consecutive session on Monday, falling 4.55 percent, despite the company's share buyback announcement.
Even after a positive opening, the stock failed to hold on the momentum and later slipped 4.39 percent to hit its one-year low of Rs 882.55 on BSE.
On NSE, shares of the company went down by 4.55 percent to Rs 881.15 -- its 52-week low.
The stock was the biggest loser among the blue chips on both the key indices during the morning trade.
Vishal Sikka's surprise resignation as Infosys CEO threw the stock off-track as it had plummeted nearly 10 percent in Friday's trade also.
The company's board on Saturday approved the share buyback plan of up to Rs 13,000 crore to reward shareholders.
The buyback price of Rs 1,150 per share was nearly 25 percent higher than Friday's closing of Rs 923.10 apiece.
Both BSE Sensex and NSE Nifty encountered minor losses. With the exception of fast moving consumer goods (FMCG), pharma and healthcare index, all sectors ended in red
Domestic markets ended in negative for the sixth consecutive session. Investors remain cautious over rising inflation levels as retail inflation rose to 7.79 percent by April end
Domestic markets rebounded after a six-day losing streak. Auto, realty and PSU Bank were some of the biggest gainers. IT and pharma were some of the sectors which experienced minor losses