Infosys share price falls despite promoter buying stock worth ₹470 crore and rally in US tech stocks

The scrip fell 0.73% to ₹1,579.30 apiece on the National Stock Exchange (NSE) at 10:53 am.

Infosys promoter Shruti Shibulal acquired additional shares aggregating to ₹470 crore via an open market transaction.

Shruti, the daughter of Infosys co-founder and former chief executive officer (CEO) SD Shibulal, is a classified promoter in the firm's shareholding pattern. She had a 0.07% stake in the Bengaluru-based company as of the latest December quarter.

According to block deal information on the National Stock Exchange (NSE), Shruti bought 29,84,056 lakh equity shares of Infosys.

The average price of the transaction is ₹1,574 per unit, taking the deal value to ₹469.69 crore.

Meanwhile, Gaurav Manchanda, another family member of SD Shibulal, sold 29.84 lakh shares at the same price.

This deal comes after Shruti, on Tuesday, bought Infosys shares worth ₹494 crore.

Meanwhile, the United States' Nasdaq index settled 1.22% or 212 points higher at 17,648.45 due to a boost from tech stocks.

Infosys announces expansion of collaboration with Citizens

In another development, Infosys, in an exchange filing on Tuesday, said it has expanded its strategic collaboration with US-based financial institution Citizens.

Citizens will utilise deep domain expertise of Infosys in financial services and innovative technologies, including cloud, AI and automation to develop cloud native domain platforms and achieve data center exit.

"We are excited to strengthen our collaboration with Citizens by leveraging our AI expertise with Infosys Topaz, to advance their transformation objectives and business growth. As we transition to an AI-first world, this collaboration aspires to redefine the possibilities in banking, combining the strengths of both Infosys and Citizens in banking and technology," Dennis Gada, Executive Vice President (EVP) and Global Head of Banking and Financial Services at Infosys said.

In the past five Infosys and Citizens have achived key milestones such as developing and executing a comprehensive strategy and blueprint in domain centric platforms, establishing a robust data lake, developing enterprise APIs, migrating critical workloads, rationalising applications and tools and reaching 90% in test automation.