Infosys stock plunges over 2% as Rs 8,260-crore share buyback ends

Shares of Infosys closed the session down 2.23 per cent at Rs 785 on Tuesday

The Infosys stock declined close to 2 per cent after the company announced the closure of its Rs 8,260-crore share buyback programme.

The IT services major said it has bought back 110.52 million shares at Rs 747.4 apiece under the share repurchase programme, which had commenced on March 20.

The closure was prior to the end of the six-month period, as the company utilised almost the entire amount earmarked for the buyback. The maximum buyback price was set at Rs 800 per share.

Shares of Infosys closed the session down 2.23 per cent at Rs 785 on Tuesday. The buyback was done through the open market route, where the company acquired shares on the exchange platform.

Analysts said that the buyback provided a temporary floor to Infosys’ stock price and, going ahead, it will be dictated by news flows and sentiment towards the information technology (IT) sector.