Five members of the Narayana Murthy family owned a 4.02 percent stake in Infosys, which was worth Rs 32,152 crore on Thursday, but plunged to Rs 30,300 crore, a decline of Rs 1,850 crore after Infosys stock plunged by nearly 6 percent.
Infosys co-founder Narayana Murthy and his family suffered a major financial setback as their fortune dwindled by a whopping Rs 1,850 crore due to a nearly 6 percent drop in Infosys shares. According to reports, five members of the Narayana Murthy family owned a 4.02 percent stake in Infosys, which was worth Rs 32,152 crore on Thursday, but plunged to Rs 30,300 crore, a decline of Rs 1,850 crore after Infosys stock plunged by nearly 6 percent.
At the end of September quarter of FY-24, Narayana Murthy owned 0.40 per cent stake in Infosys, his wife Sudha Murty held 0.92 per cent, their son Rohan Murty, and daughter Akshata Murty, the wife of ex-UK PM Rishi Sunak, owned 1.62 percent and 1.04 percent stakes, respectively, while Murthy’s grandson, Ekagrah Rohan Murty, held a miniscule 0.4 percent stake in the company.
However, the family’s stocks, which were worth Rs 32,152 crore on Thursday, fell to Rs 30,300 crore today, after Infosys shares plunged 5.89 percent, hitting a low of Rs 1,812.70 on BSE.
The downfall of Infosys shares also affected the stocks of other IT companies, trimming their six-month gains to 5.42 percent, despite positive trends visible in the company’s Q3 results.
“Infosys’ headline numbers were strong – revenues grew 1.7 per cent CC QoQ, exceeding expectations. Underlying construct, however, was not. Sequential growth was constituted by higher pass-through (1.5 per cent QoQ; likely more in CC) and in-organic contribution (0.2 per cent), implying flat core business growth,” according to JM Financial.
As per the investment banker, the seasonal softness due to furloughs was offset by seasonal uptick in pass-through revenues. “Scepticism around rising pass-through is understandable, but it should not be surprising.”
Sharekhan noted that though the FY25 revenue guidance has been revised upward, it implies minus 2.2 percent to minus 0.2 percent QoQ growth in CC for Q4, indicating a potential revenue decline due to seasonality, fewer working days and drop-in third-party revenue seen in Q3.
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