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Wednesday, July 21, 1999
Infosys falls on local, overseas SEs
MUMBAI: The Infosys scrip took heavy beating on both domestic and overseas bourses. In early trade on Tuesday at the Nasdaq exchange of the US, Infosys ADR slumped to $84. On Friday, the ADR had hit an intra-day high of $121.87 before it retreated to close at $110.75 with a record volume of 4.43 lakh ADRs. Earlier in the day on domestic bourses, some operators are believed to have burnt their fingers in the Infosys counter with the scrip reacting sharply in the domestic market after an overnight fall of $19.5 in the Infy ADR at Nasdaq. Expecting a further surge in the Infosys ADR, the stock opened on the upper circuit at Rs 5960 at the Bombay Stock Exchange before news spread in the market that the ADR had lost $19 to end at $91.25. This translates into a fall of Rs 1645 per share. The domestic stock immediately reacted and nosedived to Rs 5320. It later hit the lower end of the circuit filter at Rs 5077 before closing slightly higher at Rs 5082 against Monday's close of Rs 5519. Intra-day, the stock lostclose to 15 per cent or Rs 883. There were only sellers on the National Stock Exchange at a price of Rs 5065.Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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