Infosys stock slips 3% as co-founders sell shares

MUMBAI: Shares of Infosys fell by 3 per cent today after co-founders S Gopalakrishnan and S D Shibulal as well as some of the latter's family members sold 7.5 million equity shares of the company for Rs 862 crore.

The scrip of the software major went down by 2.76 per cent to settle at Rs 1,145.95 on BSE. Intra-day, it dipped 3 per cent to Rs 1,142.95.

At NSE, shares of the company declined by 3 per cent to close at Rs 1,142.50.

Led by the decline in the stock, the company's market valuation fell by Rs 7,475.63 crore to Rs 2,63,218.37 crore.

In terms of volume, 15.78 lakh shares of the company changed hands at BSE and over one crore shares were traded at NSE during the day.

The sale was executed by Citigroup Global Markets India Private Limited as the sole broker for the sale of shares, Gopalkrishnan and Shibulal said.

The sale of shares was executed at an average price of Rs 1,149.45 across all sellers, they said in a joint statement.

According to the statement, Gopalakrishnan sold 5,000,000 shares and Shibulal and his family 2,500,000 shares.