Rs 9,000 crore-selloff! Infosys, Tech Mahindra on top of FII hate list in Q1

Much before Infosys disappointed the Street with a sharp cut in FY24 revenue growth guidance to 1-3.5% from 4-7%, foreign institutional investors or FIIs had already pared stake in the IT services giant. In the June quarter, FIIs sold IT stocks worth over Rs 9,000 crore, with Infosys and Tech Mahindra being the least-liked stocks.

The June quarter shareholding pattern data shows that FIIs pared their stake in Infosys by another 165 bps to 33.44%. In the case of Tech Mahindra, which will report its Q1 results on Wednesday, FII holding went down by 118 bps to 25.69%.