Infosys shares fall; SD Shibulal's family member sells partial stake in IT firm

Shares of Infosys Ltd were trading lower in Friday's trade after one of the family members of SD Shibulal, co-founder and Former CEO of  Infosys Limited, sold a portion of holding in Infosys on stock exchanges on Thursday.

At 11.15 am, Infosys shares stood at Rs 1,446.65, down 0.43 per cent. The stock hit a low of Rs 1,439.50 earlier today. Infosys promoters held a total 14.71 per cent stake in the IT firm as on March 31. Shibulal held 52,08,673 shares or 0.14 per cent stake while his wife Kumari Shibulal held 49,45,935 shares or 0.13 per cent stake in the Bengaluru-based IT giant.

As per a press release, the sale was executed by Cholamandalam Securities Limited as the sole broker.

"The co-founders have nurtured the company for over three decades, transforming it into one of the most professionally-run companies in India with a global presence. Proceeds from the partial stake monetisation will be utilized for a combination of personal and philanthropic activities," the release read.

Shibulal's son Shreyas Shibulal held 0.57 per cent stake in Infosys while his daughter Shruti owned 0.07 per cent stake in the technology firm. Besides, Shibulal's son-in-law Gaurav Manchanda owned 0.34 per cent stake and daughter-in-law Bhairavi held 0.16 per cent in Infosys; his grandson Milan Shibulal owned 0.18 per cent and Shruti's daughter Nikita Shibulal Manchanda held 0.18 per cent stake in the IT firm.