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

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

"The company further reiterates that it has no information on any such development", added Infosys. "This speculation has already been denied categorically by the promoters", the statement released by the company said.

Infosys on Friday denied several media reports that the founders of India's second biggest software services exporter were looking to sell their 12.75 stakes in the company. "We would like to appeal to the media not to fuel such speculative stories as they are likely to harm the interests of the company and all its stakeholders", it further stated.

N R Narayana Murthy, Kris Gopalakrishnan, Nandan Nilekani, S D Shibulal and K Dinesh are planning to cut all their ties with the company they founded back in 1981 as they are unhappy with the way the management led by CEO Vishal Sikka and the board led by Chairman R Seshasayee have operated Infosys over the last three years. It was due to their efforts that the story of Indian software was spread around the world.

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Murthy has also criticized pay hikes given to chief executive Vishal Sikka and operations chief Pravin Rao, and severance payouts given to executives, including former finance head Rajiv Bansal.

When the newspaper contacted Narayana Murthy, he denied there was any move to sell the promoter holding in the company.

On condition of anonymity, a top banker told ET that the stake sale is likely to take place via block deals on the stock market and in tranches.

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It may be noted that the co-founders have been "interfering" in company affairs even as they do not hold any executive or non-executive positions at Infosys.

They had also raised questions over chief executive Vishal Sikka's Dollars 11 million remuneration hike. Still, their exit moves, coming at a time when the sector is facing business uncertainties, could act as an overhang on the stock price, the report said.

Infosys shares were down 1.66 per cent to Rs 940.40 at 12:15 pm, after earlier falling as much as 3.5 per cent to the day's lowest at Rs 923.05 in the morning trade.

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