Infosys shares fall on promoters' stake sale report

Shares of Infosys Ltd were down by nearly 3 per cent following reports that four of its founders are selling a huge volume of shares.

The selling comes after the recent bonus issue of shares in the ratio of 1:1 by the company.

Infosys drops 3%; reports say that promoters of the company have sold about 32.6 million shares in a bulk deal

— Rajalakshmi Nirmal (@crajalakshmic) >December 8, 2014

>A Reuters report from Hong Kong stated that four of the founders of Infosys Ltd were selling 32.6 million shares in Infosys at a fixed price of Rs 1,988 which was at a discount to the closing price of the stock on Friday.

The stock, which hit a 52-week high of Rs 4,401 on December 1 at cum-bonus valuation, was down by Rs 61.25 to Rs 2,008.45 this morning, a loss of 2.96 per cent. The stock is trading ex-bonus.

Promoters' holding at the end of September 2014 quarter was 15.92 per cent. FIIs accounted for the single majority shareholding in Infosys with 42.67 per cent share in the equity. DIIs held 14.48 per cent stake and others, including retail investors, held 26.93 per cent stake in Infosys, according to BSE data.

There was no confirmation of sale by promoters in the equity of Infosys in the data filed with the stock exchanges till now. But as the company has come out with a 1:1 bonus issue only this month, what they may be offloading should be their pre-bonus equity stake in the company. Its impact on their stake in percentage terms is not clear right now.