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India's Infosys shares fall on media report of stake sale by founders
June 9, 2017 / 4:23 AM / 6 months ago

India's Infosys shares fall on media report of stake sale by founders

(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.

The logo of Infosys is pictured inside the company's headquarters in Bengaluru, April 13, 2017. REUTERS/Abhishek N. Chinnappa/Files

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

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