Infosys buyback offer fails to lift spirits, stock tanks over 5%
Infosys
The company had announced that it would buy back shares worth 13,000 crore
The announcement of a share buyback woth Rupees 13,000 crore failed to cheer investors as the Infosys scrip tanked over five per cent.
The stock continued its slide for the second consecutive session closing at Rupees 873.50 on the BSE.
Benchmark indices were down 0.84 per cent, fallingfor thesecond consecutive session.
"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 as quoted by PTI.
On Friday, the stock had slumped 10 per cent. In the last two consecutive trading sessions the company's market valuation has seen a drop of Rupees 33,911.93 crore.
The exit of Vishal Sikka as the CEO of Infosys has caused a firestorm within the IT giant. The IT company's board targeted the founder, NR Narayana Murthy, and blamed him for Sikka's exit.
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(With inputs from PTI)