Infosys shares close lower as SEBI finds insider trading activity

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Infosys stocks on Wednesday closed lower after the Sebi barred eight entities, including two employees of the company, from the securities market for indulging in insider trading activities

The IT major’s stock dipped 0.55 per cent to close at Rs 1,379.75 on the BSE. During the day, it went lower by 1.81 per cent to Rs 1,362.20.

On the NSE, it declined 0.45 per cent to close at Rs 1,381.

In traded volume terms, 19.07 lakh shares were traded at the BSE and over 92.72 lakh units at the NSE during the day.

Sebi has barred eight entities, including two employees of Infosys, from the securities market for indulging in insider trading activities in the shares of the IT major.

In a statement on Tuesday, Infosys said it will initiate an internal investigation into the insider trading matter.

While imposing the ban till further orders on the eight entities, the watchdog also directed impounding illegal gains worth Rs 3.06 crore from two of them – Capital One Partners and Tesora Capital.

The entities have traded in the scrip of Infosys while in possession of Unpublished Price Sensitive Information (UPSI) pertaining to Infosys’ financial results for the quarter ended June 30, 2020, Sebi said in an interim order passed on Monday.

“On June 1, Infosys was informed of an interim ex-parte Sebi order where two of its employees, amongst other third parties, have been named, in an ongoing insider trading investigation… The company will extend full cooperation as required to Sebi on the matter,” the company said.

As a result of the order, an internal investigation is being initiated and appropriate action will be taken on the conclusion of such investigation, it added.