The Infosys stock continued to
reel under selling pressure for the second consecutive session
today, closing over 5 per cent lower, as the company's share
buyback announcement failed to cheer investors.
The stock slumped 5.37 per cent to close at Rs 873.50 on
BSE. During the day, it slipped 5.75 per cent to Rs 870 -- its
On NSE, shares of the company plunged 5.39 per cent to
end at Rs 873.40.
In terms of volume, 44.76 lakh shares of the company were
traded on BSE and over 4 crore shares changed hands at NSE
during the day.
The stock was the biggest loser among the bluechips on
both the key indices during the day.
"Market failed to retain its opening strength due to
continued pressure on the IT major, despite a premium buyback
announcement," said Vinod Nair, Head of Research, Geojit
Financial Services Ltd.
Vishal Sikka's surprise resignation as Infosys CEO threw
the stock off-track as it had plummeted nearly 10 per cent in
Friday's trade also.
In two days, the company's market valuation declined by
Rs 33,911.93 crore, to Rs 2,00,640.07 crore.
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 per
cent higher than Friday's closing of Rs 923.10 apiece.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)