NEW DELHI: The Infosys stock continued to reel under selling pressure for the second consecutive session today, closing over 5 per cent lower, as the company's share buyback announcement failed to cheer investors.
The stock slumped 5.37 per cent to close at Rs 873.50 on BSE. During the day, it slipped 5.75 per cent to Rs 870 -- its 52-week low.
On NSE, shares of the company plunged 5.39 per cent to end at Rs 873.40.
In terms of volume, 44.76 lakh shares of the company were traded on BSE and over 4 crore shares changed hands at NSE during the day.
The stock was the biggest loser among the bluechips on both the key indices during the day.
"Market failed to retain its opening strength due to continued pressure on the IT major, despite a premium buyback announcement," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.
Vishal Sikka's surprise resignation as Infosys CEO threw the stock offtrack as it had plummeted nearly 10 per cent in Friday's trade also.
In two days, the company's market valuation declined by Rs 33,911.93 crore, to Rs 2,00,640.07 crore.
The company's board on Saturday approved the share buyback plan of up to Rs 13,000 crore to reward shareholders. The buyback price of Rs 1,150 per share was nearly 25 per cent higher than Friday's closing of Rs 923.10 apiece.