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Infosys Stock Drops Two Per cent as Company's Shares go Ex-Bonus
Shares in Infosys fell 2 per cent after the company's shares went ex-bonus on the exchanges. The company had declared a bonus of 1:1 per share in October along with its results.
Dealers say there could be some selling pressure in the stock as there would be additional shares on account of the bonus and investors would resort to profit booking. In any case shares of the company have rallied sharply and have been hitting their 52-week high.
Several brokerage firms have upgraded the stock to buy on hopes of renewed recovery in the US, a key market for Infosys.
A depreciation in the rupee has also helped push the stock higher.
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