Infosys victim of rumours

Infosys is amongst the top losers on the BSE today. The stock tanked 3.5% to Rs.923.05, which is Rs.23 away from its 52-week low of Rs.900.30.

This is happening for the second time. Earlier it was Wipro were news was floated that Azim Premji and family were selling out their entire stake. Premji came out and issued a clarification stating that the news was false.

And today, the same news has been floated about Infosys. A day before, the management had talked about pricing pressures and today, Times of India published a story that the co-founders were exploring a sale of their entire 12.75% stake in the company, which cane bring them money to the tune of Rs.28,000 crore. The news says that the co-founders are getting out lock-stock-barrel because they are upset with the way in which the new management is handling the company.

Infosys was also quick to issue a clarification. It said, “This speculation has already been categorically denied by the promoters.” The company further says that it   reiterates it has no information on any such development and it would like to appeal to the media not to fuel such speculative stories as they are likely to harm the interests of the company and all its stakeholders.