Infosys buyback support ends

Some analysts have turned cautious on the Infosys stock following the closure of its ~9,200crore share repurchase programme. Last week, the IT major announced the closure of its buyback after it utilised almost the entire amount. Under the buyback programme, which had commenced on June 25, Infosys bought back and extinguished 55.8 million shares at an average price of ~1,648.5 per share. The company had set the maximum buyback price of ~1,750. “Shares of Infosys have rallied sharply this year. The buyback gave solid support to the stock. Going ahead we could see an increase in volatility,” said an analyst.