As the rupee tumbles, IT stocks including Infosys have continued to hit a new high every day. The NSE IT Index reached a record intra-day high of 15,087 on Thursday, gaining 34% this year, against the 12% rise in the benchmark Index. Infosys, a major contributor to the recent market rally, has also risen 34% in 2018.
Taking advantage of the rally, Gaurav Manchanda, son-in-law of Infosys’ co-founder SD Shibulal, sold 805,860 shares worth Rs 1.10 billion. Manchanda offloaded 0.04% of his stake between August 8 and August 10, bringing down his holding to 0.35%. Manchanda was gifted 8,573,973 shares on February 21. Along with Manchanda, daughter-i