Infosys Stock Plunged The Most By 11%,Closer To 52-Week Low

The share price of Infosys Ltd plunged the most by nearly 11% in early morning trade, its at 1238.10 per equity share while writing this copy. It has inched closer by 1.27% to 52-week low price of Rs 1219 per share.

Last week Infosys Ltd announced its Q4FY23 results, which showed muted performance of the company, with contractions in operating margins and attrition. This weakness in numbers has given rise to negative sentiments amongst traders, due to which there was heavy sell off seen and the stock price plummeted.

The 52-week high is at Rs 1,672.45 per share. In last one year the stock price of Infosys Ltd has fallen by 20.84% but in three years it has rallied by 92.84%.

The steep fall in stock price has impacted the IT firm's market capitalisation, it erased billion dollars out of it, with key shareholders such as Life Insurance Corporation of India (LIC) and Murthy family taking a big hit notionally.

The stake of each person from the Murthy family's worth also took a hit. The founder's son, Rohan Murthy's stake in the company was valued at Rs 8,444.47 crore, which fell to Rs 7,600 crore at last count, down Rs 844 crore. While daughter Akshata Murty's 1.07% stake in the Bengaluru-based firm was worth Rs 5,409.58 crore as of Thursday's closing, slipped to Rs 4,868.66 crore, down by Rs 541 crore.

Narayana Murthy's wife, Sudha N Murthy, owned 0.95% stake worth Rs 4,797.69 crore as of Thursday's closing, which has fallen Rs 480 crore to Rs 4317.96 crore. Meanwhile, the founder's own stake of 0.46 % in Infosys is worth Rs 2,080 crore now against Rs 2,311.41 crore as of Thursday, down Rs 231.12 crore.

Further the stock of Infosys hit lower circuit limit at Rs 1,249.75, for the host of brokerages cut their target price estaime of stock. The stock now commands Rs 5,18,466 crore in market capitalisation against Rs 5,76,069 crore as on Thursday.

Among institutions, SBI Mutual Funda also lost Rs 2,239.55 crore notionally on its investment in Infosys. It worh is now Rs 20,157 crore against Rs 22,397 crore as on Thursday. ICICI Prudential MF took Rs 1,226.79 crore in notional hit. It owns Rs 11,041 crore worth Infosys shares.

Meanwhile, Sudha Gopalkirshnan lost Rs 1,324 crore on 9,53,57,000 shares or 2.61 per cent stake she held in the company. She now owns Rs 11,917 crore worth Infosys shares against Rs 13,241 crore in the previous session.

Besides, last week the company has recommended a final dividend of Rs17.50 per equity share for the financial year ended March 31, 2023. The company fixed June 2, 2023 as the record date for the purposes of the Annual General Meeting and payment of final dividend and will pay out the dividend by July 3, 2023.

(Updated with Inputs from Business Today)