New Delhi: Shares of Infosys fell by over 3 per cent in intra-day trade today amid reports that its co-founders were planning to sell their entire stake in the company, but later recovered most of the losses after the IT major denied any such move.

The stock declined by 3.47 per cent to Rs 923.05 during the day on BSE, but later recovered most of the lost ground and ended at Rs 948.65, down 0.80 per cent. On NSE, shares of the company fell by 0.82 per cent to close at Rs 948.60. In terms of volume, 10.29 lakh shares of the company were traded on BSE, and over 73 lakh shares changed hands on NSE during the day.

Infosys today denied media reports suggesting that its co-founders were planning to sell their entire stake in the company. "This speculation has already been categorically denied by the promoters," the company said in a statement.

According to the report, Narayana Murthy and other co- founders Nandan Nilekani, Kris Gopalakrishnan, S D Shibulal and K Dinesh were looking to sell their entire stake in the company worth about Rs 28,000 crore. "The company further reiterates that it has no information on any such development. We would like to appeal to the media not to fuel such speculative stories as they are likely to harm the interests of the company and all its stakeholders," the statement said.

Selling pressure was also seen in other IT stocks, with Tech Mahindra dropping 2.68 per cent, Hexaware Tech (1.64 per cent), Wipro (1.61 per cent), HCL Tech (0.70 per cent) and TCS (0.45 per cent). The BSE IT index lost 0.76 per cent to end at 10,100.60. IT stocks have been reeling under pressure since past few days amid rising concerns as the sector is facing challenges on multiple fronts, including stricter visa regime in key markets.