Shruti Shibulal, daughter of Infosys co-founder SD Shibulal, acquired 29.84 lakh shares of Infosys worth ₹494 crore in an open market transaction. The shares were bought at an average price of ₹1,657 each. Interestingly, Gaurav Manchanda, a family member of SD Shibulal, sold the same number of shares at the same price. Despite this major transaction, Infosys’ stock closed 2.02% lower at ₹1,667 on the NSE.
IT Stocks Decline Amid US Economic Concerns
The Nifty IT index fell for the fourth consecutive session, dropping 2% and becoming the worst-performing sector. Most IT stocks, including Infosys, TCS, and Wipro, recorded losses between 1% and 4%. Midcap IT stocks like Mphasis, Coforge, and L&T Technology Services also declined nearly 1% each. The overall IT sector is under pressure due to fears of a potential US recession and uncertain trade policies. A sharp decline in the US stock market has further dampened investor confidence in India’s export-driven IT industry.
Brokerages Turn Bearish on Infosys
Morgan Stanley downgraded Infosys from ‘overweight’ to ‘equal-weight,’ ending its four-year bullish stance. The target price was lowered to ₹1,740 from ₹2,150, reflecting concerns over slowing revenue growth and high valuations. Infosys’ US-listed shares also dropped in pre-market trading.
Analysts suggest that while mid-tier IT firms may perform better due to their niche services, larger IT firms are facing uncertainty due to weakening demand from the US market.
