Infosys Share Price Hits Record High as Stock Adjusts for Bonus Issue
Earlier, Infosys announced issue of bonus shares in the ratio of one equity share for every equity share held and a stock dividend of one American Depositary Share (ADS) for every ADS held.
Infosys India. (File photo)
Infosys share price jumped 4.4 percent intraday to hit a record high of Rs 748.50 on Tuesday as demand from investors increased as the stock adjusted for bonus issue.
The IT major, India’s second largest, had earlier announced issue of bonus shares in the ratio of one equity share for every equity share held and a stock dividend of one American Depositary Share (ADS) for every ADS held.
The board of directors had approved bonus issue on July 13 and shareholders' approval came in on August 22, 2018.
After the adjustment, the share price had halved from its previous closing value of Rs 1,434.25.
The company has previously adjusted for bonus share issue in one is to one ration in June 2015, December 2014 and July 2006. It also adjusted for bonus issue in the ratio of 3 shares for every share held on July 1, 2004.
The weakening rupee has also boosted buyer sentiment, boosting the share price of not only Infosys but also other tech companies that export services to the United States.
The rupee hit historic low of 71.37 against the US dollar on Tuesday, depreciating more than 11.5 percent year-to-date.
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