Infosys shares settle marginally up; gain over 3 pc in four sessions

Shares of Infosys on Wednesday rallied for the fourth consecutive session after the IT major announced reaching a settlement in an alleged tax fraud matter in the US. The stock settled 0.44 percent higher at Rs 732.50 on the BSE. It rose as much as 1.09 percent to Rs 737.25 during the day.

On the NSE, the stock touched a high of Rs 737.30, up 1.04 percent over the previous close and later on closed the day 0.51 percent higher at Rs 733.40. More than 1.2 crore shares of Infosys were traded on the NSE and 3.53 lakh units on the BSE.

The stock has been on a gaining streak for the last four sessions. It has increased by 2.98 percent on the BSE and 3.07 percent on the NSE. It was one of the top gainers in the Sensex pack in early trade.

On Wednesday, the IT major informed Indian stock exchanges that it has reached a settlement with California Attorney General. Infosys will pay California USD 800,000 to resolve allegations that between 2006 and 2017 approximately 500 Infosys employees were working in the state on Infosys-sponsored B-1 visas rather than H-1B visas, California Attorney General Xavier Becerra said.

In the regulatory filing, Infosys said the case is being dismissed with prejudice and was reached to avoid the time, expense, and distraction of protracted litigation on allegations dating back more than 13 years.