Infosys ADRs jump 40% on NYSE due to technical glitch, not company fundamentals.
Summary
Infosys ADRs experienced a temporary 40% surge on the NYSE, leading to trading halts, which the company denied was due to any material news. A report linked this to a technical glitch and thin year-end liquidity. This event is a specific market anomaly and holds very low relevance for general competitive exams, focusing on individual stock behavior rather than broad economic policy.
Key Points
- 1Infosys American Depository Receipts (ADRs) surged by 40% on the New York Stock Exchange (NYSE).
- 2Trading of Infosys ADRs was halted twice due to the unusual price movement.
- 3Infosys officially denied any material trigger or fundamental company news for the spike.
- 4A Canada-based report attributed the surge to a "bizarre ticker-mapping glitch".
- 5The technical glitch was exacerbated by thin year-end liquidity, impacting automated trading systems.
Full Article
Infosys ADRs surged as much as 40% on the NYSE before trading was halted twice, despite the company denying any material trigger. A Canada-based report attributed the spike to a bizarre ticker-mapping glitch that may have confused automated trading systems amid thin year-end liquidity.