IT services major Infosys today said its Senior Vice President and head of Computers and Communications Division (CCD) K Muralikrishna has sold shares worth Rs 5.48 crore.
The company, in a BSE filing, said K Muralikrishna has sold 15,000 shares of the company on March 12, 2014, on the National Stock Exchange (NSE) for Rs 5,48,78,386.65.
Post sale of shares, his stake in the company fell to 0.00966 per cent (55,512 shares) from 0.1227 per cent (70,512 shares), it added.
Prior to heading CCD, Muralikrishna, who had joined the Bangalore-based firm in 1984, led firm's Systems Integration Practice that is responsible for developing and delivering end-to-end broad-based technology solutions in collaboration with alliance partners worldwide.
Meanwhile, Infosys shares today fell by over 8.5 per cent, eroding Rs 17,997 crore from its market value, as the company expects sluggish growth in the March quarter due to muted spending by clients, especially in the retail sector.
After falling 9 per cent to Rs 3,340 in intra-day trade, the IT major's scrip finally closed at Rs 3,357.50, down 8.54 per cent on the BSE.
On the NSE, the stock slumped 8.45 per cent to close the day at Rs 3,361.
Following the sharp decline in the scrip, the market capitalisation of Infosys tanked by Rs 17,997 crore to Rs 1,92,799 crore.
