Following the Infosys stock being subject to a bruising start at the beginning of the trading week and its freefall since Friday last knocking off crores of rupees in market capitalisation of the company, the market regulator has said that it is keeping close tabs on the price movement of the stock.
The company's first non-promoter CEO Vishal Sikka quit the company last Friday following differences with its founders.
"We are keeping a watch on the Infosys share price," Securities and Exchange Board of India (SEBI) Chairman Ajay Tyagi said, according to a PTI report on Tuesday.
The Infosys stock had plunged by nearly 10 per cent on Friday wiping out Rs 22,519 crore from its market valuation, after Sikka's resignation. It fell further by over 5 per cent on Monday despite a Rs 13,000-crore buyback announcement by the company.
The company's Rs 13,000-crore share buyback announced on Saturday failed to cheer investors amid uncertainty around the appointment of a new CEO, according to an NDTV report.
Global brokerage Nomura has downgraded Infosys to "reduce" from "neutral" and slashed its target price on the stock to Rs 875 from Rs 1,000 earlier, NDTV said.
SEBI to stick to December deadline for Aadhaar
SEBI Chairman Ajay Tyagi said on Monday that the regulator would stick to its December deadline for linking Aadhaar with e-KYC for trading accounts, a PTI report said. The move is aimed at curbing money laundering and tax evasion through the stock markets.
All demat account holders are required to link their accounts with Aadhaar by December 31, 2017. In case of failure to submit the documents within the prescribed time limit, the account would be suspended till the Aadhaar details are submitted by the client, the PTI report said.
Last week, the BSE had asked trading and clearing members to submit report on their preparedness for furnishing Aadhaar details of their clients. While trading members have to submit report on their preparedness by August 23, clearing members and custodians have to do the same by August 25.
In compliance with the amended Prevention of Money Laundering norms, banks have already sought Aadhaar details from their customers.
