Infosys shares extend slide; down over 5%

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

52-week low.

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 DNA's editorial team and is auto-generated from an agency feed.)