Akshata Murty, wife of UK PM Rishi Sunak, lost Rs 610 crore in 3 days as Infosys shares resume decline

As Infosys shares resumed declined on Wednesday after a brief halt, the UK's first lady Akshata Murty has seen erosion of Rs 610 crore in her notional wealth since Infosys came out with its quarterly results on April 13. Murty is the wife of UK PM Rishi Sunak and the daughter of Infosys co-founder NR Narayana Murthy. The Murthy family, which includes Narayana's son Rohan and his wife Sudha, together lost Rs 2,361 crore or $288 million (at 82 a dollar level) in notional wealth during the period. 

Infosys fell 2.28 per cent to settle Wednesday's session at Rs 1,232.20 on BSE. While the scrip edged higher in Tuesday's session, it had dropped 9.40 per cent on April 17 in a sharp reaction to Infosys' weak March quarter results and tepid guidance for FY24. For the three-session period, the stock is down 11.30 per cent.

Also read: Infosys vs TCS shares: Should you buy these IT stocks post recent weakness?
 

The IT behemoth, in fact, hit a 52-week low of Rs 1,219 on Monday, before recovering some lost group. As per data, Akshata owned 1.07 per cent stake in the IT behemoth as of March 31, which was last valued at Rs 4,800 crore. Reuters earlier this week reported that Sunak was being investigated by parliament's standards watchdog over whether he properly declared his wife's shareholding in a childcare company which stands to benefit from new government policy.

As far as the Murthy family goes, Rohan Murthy lost Rs 951 crore in wealth notionally in three days. His 1.67 per cent stake in the company as on March 31 was worth Rs 7,493 crore. Sudha Murthy's wealth got eroded by Rs 540 crore to Rs 4,257 crore. Narayana Murthy, meanwhile, lost Rs 260 crore notionally in three days on his 0.46 per cent stake in Infosys as on March 31. 

Following its March quarter results, a host of broking firms have reduced their price targets on the scrip, which now stands anywhere between Rs 1,200 and Rs 1,675 now compared with up to Rs 1,800 levels earlier.

JPMorgan has a target of Rs 1,200 for the stock, Credit Suisse sees the stock at Rs 1,240 and Nomura India finds the stock worth Rs 1,290.  Macquarie has a target of Rs 1,400 on the stock, Morgan Stanley Rs 1,475; CLSA, HSBC and Bernstein find the stock worth Rs 1,550 apiece. Investec sees the stock at Rs 1,605.

Also read: Infosys dividend at Rs 17.50: Payouts that NRN, daughter Akshata & Murthy family will earn

Also read: Infosys Q4 results: Profit up 7.8%; Rs 17.50 dividend announced; FY24 guidance, attrition & other key takeaways

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