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Tuesday, October 22, 2019

Look who took the biggest hit in Infosys selloff! LIC, FPIs and top mutual funds


Amidst knee-jerk reactions, Infosys’ m-cap declined by over Rs 40,000 crore in early trade.

The stock sank to an intraday low of Rs 645 before paring some loss to trade at Rs 655.
The country’s biggest institutional investors Life Insurance Corporation (LIC), foreign portfolio investors (FPI) and top mutual fund houses took a big knock as investors dumped shares of Infosys following a whistleblower complaint that raised possibility of corporate governance lapses at the IT major.
The stock sank to an intraday low of Rs 638.30. BSE Sensex closed 334.54 points, or 0.85 per cent, down at 38,963.84. Infosys has a 7.42 per cent weightage in the index.

Amid the knee-jerk reaction, Infosys’ market-capitalisation declined by over Rs 40,000 crore in early trade.
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The stock came under pressure after a letter by anonymous employees surfaced, accusing its CEO Salil Parekh and CFO Nilanjan Roy of unethical practices for several quarters.
Latest shareholding data showed LIC held 25.81 crore shares, or 6.06 per cent, stake in Infosys as of September 2019. Private life insurer ICICI Prudential Life Insurance Company held a 1.32 per cent stake.
Among top fund houses, HDFC Mutual Fund, SBI Mutual Fund, ICICI Prudential Mutual Fund and UTI Mutual Fund held over 1 per cent stake in the company as of September 30. Mutual funds together held nearly 55 crore, or 12.92 per cent, share in the company, according to BSE data.

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