Infosys, the top loser on the Nifty index; stock trades ex-dividend

I.T major Infosys Ltd was the top loser on the Nifty index as the company started trading ex-dividend on Tuesday. Infosys stock fell 2.4% to Rs. 921.3 posting it the biggest intraday percentage loss since Sept 4. The stock was down about 7% this year up to the close of yesterday 30 October 30.

Infosys Ltd had decided, 1^st Nov 2017 as the record date for determining the names and rights of the equity shareholders, enabling them to participate in the buyback. The buyback was announced on 19 August 2017. It involved buying back of 11.3 cr shares through a tender offer at a price of Rs.1150 per share resulting in a total offer size of Rs.13000 cr.