Mumbai: Shares of Infosys Ltd hit a three-week low on Thursday, following a huge block deal in the secondary market. Around 5.67 million shares of the company have changed hands in six block deals, Bloomberg reported. Details of buyers and sellers were not immediately available.

The stock touched a low of 1,164, a level last seen on 18 March. In intra-day trading, it fell as much as 3.1%, the maximum fall since 29 February.

The scrip closed at 1,181.65—a level last seen on 17 March, on BSE, down 1.62% from its previous close, while India’s benchmark Sensex fell 0.86% to close at 24,685.42 points

This was the third consecutive session when the stock closed lower. Since 4 April, the scrip has fallen 5%. So far this year, it has gained 7%.

On 11 March, S. Gopalakrishnan sold 5 million shares in the open market; S.D. Shibulal and his family members sold 2.5 million shares at an average price of 1,149.45 apiece, raising about 862 crore.

In December 2014, the families of four founders of Infosys—N.R. Narayana Murthy, K. Dinesh, Nandan M. Nilekani and Shibulal—sold about $1 billion of stock to capitalize on a gain in the stock price and fund philanthropy.

The company will announce its March quarter earning on 15 April. According to 25 analyst estimates of Bloomberg, the company may post a net profit of 3,500.8 crore, while net sales will be at 16,415.10 crore.

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