UK PM Rishi Sunak¡¯s Wife Akshata Murty Loses More Than Rs 500 Crore After Infosys Shares' Bloodbath

On a day when Infosys shares crashed more than 10% to witness its biggest single-day share slump since October 2019, UK PM Rishi Sunak¡¯s wife Akshata Murty too lost a mammoth amount.

$61 Million Lost In One Day

BBC

Akshata, who is the daughter of Infosys co-founder Narayana Murthy and Padma Shri recipient Sudha Murty, lost about ?49 million ($61 million), i.e., more than Rs 500 crores, on Monday after shares in Infosys tumbled on the back of weaker-than-expected March quarter earnings.

Akshata Murty owns a 0.94% stake in Infosys, i.e., about 3.89 crore shares. While the paper loss is a fraction of the Sunak family¡¯s wealth¡ªMurty¡¯s stake is still worth more than ?450 million¡ªit also serves to highlight the gulf between the prime minister and ordinary Britons struggling in a cost of living crisis, as per a Bloomberg report.

Akshata Murty¡¯s wealth and outside interests have been a recurring theme in her husband¡¯s political career. Last year, it emerged that she holds non-domicile status and hadn¡¯t been paying UK tax on overseas earnings. She said her arrangements were "entirely legal," but she also opted to start paying British taxes on those earnings.

Also Read: Infosys' Narayana Murthy Shares Why He Once Turned Down Air India Job Offer

Infosys Q4 Results & Future Outlook

indiatimes

Infosys had last week reported an 8% year-on-year (YoY) growth in consolidated net profit for the quarter ended March 2023 at Rs 6,128 crore. Meanwhile, consolidated revenue for the period increased by 16% year over year to Rs 37,441 crore.

Last week, India's second-largest IT services firm, Infosys, said that it expects revenue growth of 4%¨C7% for the fiscal year ending March 2024, well below analysts' expectations of 10.7% growth, as clients deferred spending due to growing fears of a recession, a Reuters report mentioned. The previous slowest growth was a 5.8% increase in FY2018.

Scrutiny Over UK PM's Finances

In a separate development on Monday, UK Parliamentary Commissioner for Standards Daniel Greenberg opened an inquiry into whether UK PM Rishi Sunak failed to declare a relevant interest relating to a minority stake owned by his wife Akshata in a childcare company. His office said the interest had been "transparently declared" and that the premier would cooperate with Greenberg.

As per a Bloomberg report, the UK PM last month disclosed details of his own financial affairs, showing he paid more than ?1 million in UK taxes over the past three years. His earnings from shares and capital gains easily eclipsed his political salary.

Also Read: Portrait Of King Charles III Will Be On Banknotes In UK By Mid-2024

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