Shares in Indian software services company Infosys fell on the Mumbai bourse today after four co-founders of the company sold the equivalent of $1 billion in shares.
They took advantage of an increased share price this year but the move meant the price of the stock fell by nearly five percent.
Co0founders NR Narayana Murthy, K. Denish, Nandan M.Nilekani and the wife of SD Shibulal claimed the sale was to fund “various philanthropic activities”, a statement from the co-founders said.
In a statement, the founders said they had spent mover three decades “nurturing the company”.
Infosys has over 160,000 employees and has fingers in almost every pie, including financial services, aerospace and defence, automative, enery and retail.
The seven co-founders of the company no longer have executive roles on the board, but control nearly 16 percent of the shares.
