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Infosys Ltd's American Depository Receipts (ADR) ended over 5% lower on Monday, December 22, snapping a three-day winning streak, and giving up all the gains that it made on Friday.
The US-listed shares of India's second-largest IT Services provider had surged as much as 50% intraday last Friday, before giving up most of those gains to end 5% higher.
As CNBC-TV18 earlier explained that the sharp rally in Infosys ADR was driven by a short squeeze, with momentum amplified by the US Stock Lending and Borrowing (SLB) mechanism.
Later in its exchange filing, India's second largest IT services provider clarified that there are no material events that require disclosure under the Securities and Exchange Board of India (SEBI) Regulations, 2015.
It also said it observed volatility in the price of its ADR on the NYSE on December 19, which resulted in two volatility trading pauses being triggered by the stock exchange.
"The communication is being issued in the interest of transparency and to avoid any unwarranted speculation," it said.
In another filing on Saturday, Infosys updated on certain class action lawsuits that were also mentioned in its financial statements.
On Monday, Infosys share price settled nearly 3% higher on the NSE, quoting at ₹1,686 apiece. The IT scrip has corrected nearly 13% in the last one year despite gains of almost 9% in the last one month.
The US-listed shares of India's second-largest IT Services provider had surged as much as 50% intraday last Friday, before giving up most of those gains to end 5% higher.
As CNBC-TV18 earlier explained that the sharp rally in Infosys ADR was driven by a short squeeze, with momentum amplified by the US Stock Lending and Borrowing (SLB) mechanism.
Later in its exchange filing, India's second largest IT services provider clarified that there are no material events that require disclosure under the Securities and Exchange Board of India (SEBI) Regulations, 2015.
It also said it observed volatility in the price of its ADR on the NYSE on December 19, which resulted in two volatility trading pauses being triggered by the stock exchange.
"The communication is being issued in the interest of transparency and to avoid any unwarranted speculation," it said.
In another filing on Saturday, Infosys updated on certain class action lawsuits that were also mentioned in its financial statements.
On Monday, Infosys share price settled nearly 3% higher on the NSE, quoting at ₹1,686 apiece. The IT scrip has corrected nearly 13% in the last one year despite gains of almost 9% in the last one month.
