June 9, 2017 / 4:28 AM / 3 months ago

Infosys shares fall on media report of stake sale by founders

FILE PHOTO: Employees of Indian software company Infosys walk past Infosys logos at their campus in the Electronic City area in Bengaluru, India, September 4, 2012. REUTERS/Vivek Prakash/File photo

REUTERS - Shares in Infosys Ltd(INFY.NS) fell as much as 3.5 percent to their lowest in over a month on Friday after a newspaper reported the company’s founders were planning to sell their stakes, citing people familiar with the development.

Infosys co-founders are exploring a sale of their entire 12.75 percent stake, worth about 280 billion rupees ($4.36 billion), in the software services exporter, the Times of India reported.

The newspaper, however, quoted Infosys founder Narayana Murthy denying such a move. Murthy, along with his family, is the largest shareholder in Infosys with a 3.44 percent stake.

Shares of the software company fell as much as 3.5 percent to their lowest since May 5.

Promoters were not immediately reachable. Infosys had no immediate comment.

($1 = 64.1825 Indian rupees)

Reporting by Tanvi Mehta in Bengaluru; Editing by Rafael Nam

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