Infosys completes buyback at 16.6% below maximum offer price

Infosys has completed its share buyback at an average buyback price that is 16.6% below the maximum offer price. Infosys bought stocks representing 99.99% of the maximum buyback size.

Infosys ended its buyback after purchasing 6,04,26,348 of its shares for Rs 9,300 crores. The average buyback price of Infosys was Rs 1,543.1, and the company had announced a maximum buyback price of Rs 1,850 per share.

From the buyback until now, Infosys has underperformed Nifty IT. The buyback opened on Dec.7, 2022, and since then Infosys is up 0.27%, whereas Nifty IT is up 2.3%.

In September 2021, after the completion of the buyback, the stock declined 3.3% over a one-month period. The key question is, wheather the stock will decline further, and if yes where will it find support. Bloomberg