Infosys board member Balakrishnan sells 1 lakh shares for Rs 33 crore

Infosys board member V Balakrishnan has sold 1 lakh company shares held by his two daughters on November 6 and 7 through open market transactions (November 7) for Rs 33.05 crore,, according to a regulatory filing on the Bombay Stock Exchange.

Infosys shares are currentlytrading at multi-year highs and closed flat at Rs 3,357.50 on the BSE on Friday.

[caption id="attachment_1149905" align="alignleft" width="380"] Infosys. AFP.[/caption]

Balakrishnan, head of the BPO, Finacle and India business units at Infosys, is widely seen as a contender for CEO after S D Shibulal's term ends in 2015.

Balakrishnan is also chairman of Lodestone,a company the IT major acquired in September 2012. He has also served as the firm's chief financial officer earlier.

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"I sold the shares for my personal reasons; there is nothing more to it," Balakrishnan told Business Standard.

However, according to the BS report, the sale has set off speculation among industry experts.

"While some are of the view that the attractive valuation of the stock may be a reason, many others say there may be more to it than meets the eye," the report said.