(Reuters) - Shares in India’s Infosys Ltd fell as much as 3.5 percent to their lowest in over a month on Friday after a newspaper reported the company’s founders were planning to sell their stakes, citing people familiar with the development.
Infosys co-founders are exploring a sale of their entire 12.75 percent stake, worth about 280 billion rupees ($4.36 billion), in the software services exporter, the Times of India reported.
The newspaper, however, quoted Infosys founder Narayana Murthy denying such a move. Murthy, along with his family, is the largest shareholder in Infosys with a 3.44 percent stake.
Shares of the software company fell as much as 3.5 percent to their lowest since May 5.
Promoters were not immediately reachable. Infosys had no immediate comment.
Reporting by Tanvi Mehta in Bengaluru; Editing by Rafael Nam