Infosys shares surge 4% ahead of board meeting to discuss buyback plan
Shares of Infosys surged 3.65% to an intraday high of Rs 1,485 on the BSE on Tuesday, September 9, after the IT major announced it will consider a proposal to buy back its equity shares at a board meeting scheduled for September 11.
The move comes at a time when the company’s stock has seen significant underperformance, falling nearly 25% over the past year and declining 24% on a year-to-date basis.
Infosys’ share price weakness mirrors the broader downturn in the Indian IT sector, which has struggled under the weight of global economic uncertainty and reduced enterprise tech spending.
The Nifty IT index has fallen 19% during the same period, underscoring the sector-wide slowdown. The buyback proposal is seen as a strategic initiative…
