Shares of India’s second-largest IT company Infosys witnessed a massive selling pressure leading to a plunge of more than 4% in Infosys share price on Thursday, following which the company lost over Rs 13,000 crore from the market capitalisation. Unusually high trading volumes were seen in Infosys shares as more than 85 lakh equity shares got exchanged on National Stock Exchange (NSE) only. The reason for the sudden drop in the share price of Infosys is not been addressed or recognised yet.
The stock of Bengaluru-based IT behemoth Infosys fell as much as 5.73% to a day’s low of Rs 1,268.1 before closing down 4.36% at Rs 1,286.5 on NSE. Similarly, on BSE, Infosys share price went down by 5.63% to a day’s bottom of Rs 1,268.85 before concluding 4.47% lower at Rs 1,284.5. With such a steep depreciation in the share prices, Infosys on Thursday lost about Rs 13,127 crore in market capitalisation. At today’s closing price of Rs 1,284.5, Infosys commands a market cap of Rs 2,80,551 as compared to Rs 2,93,677.73 on the basis of Wednesday’s closing price of Rs 1,344.6.
Following the dip in the market capitalisation, now Infosys is no longer the seventh most-valued firm by market value on Indian exchanges. Maruti Suzuki, which was at the eighth place in terms of market capitalisation, moved one position up and is now the seventh most-valued firm on India’s stock exchanges. According to today’s closing, Maruti Suzuki commands a market capitalisation of Rs 2,82,100 crore.
Meanwhile today, Indian equity markets ended lower with BSE Sensex losing nearly 71 points and NSE Nifty ending below 10,750 level following the fall in heavyweight stocks such as Infosys, Reliance Industries, Sun Pharma, Vedanta, Tata Steel and Tata Motors. The other two IT blue-chips, TCS (up 0.64%) and Wipro (up 0.86%) finished in green along with HCL Tech (up 0.58%). Other than Infosys, shares of Tech Mahindra, OFSS and KPIT lost more than 1%. The Nifty IT index lost 1.1% to end at 13,970.5.
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