Rishi Sunak’s wife, Akshata Murty, loses Rs 500 crore in minutes as Infosys shares plunge 9.4%
The shares of Infosys plunged after its guidance painted a negative outlook for India's technology sector. So, how is it related to Akshata Murty? Let's decode this.
Infosys-Sunak links: UK Prime Minister Rishi Sunak's wife, Akshata Murty, has again landed in trouble as she lost about Rs 500 crore on Monday in just a minute after shares of her father-built company, Infosys Ltd, plunged the most in the past year.
It is to be noted that Infosys Limited is an Indian multinational information technology company that provides business consulting, information technology and outsourcing services. The company is a brainchild of Nagavara Ramarao Narayana Murty-- Akshata's father.
As per the reports, she owns a 0.94% stake in the firm-- which means more than 450 million pounds. The shares plunged after its guidance painted a negative outlook for India's technology sector. On Monday, it closed down 9.4%. The drop was considered the biggest since March 2020.
What went wrong?
It is to be noted that there were no unlawful or wrongdoings by Akashta or her father's company. It is the British economy and the people who are reeling under the worst economic crisis. Since the COVID pandemic hit the country, Britons struggling with a cost of living crisis.
Earlier last year, Murthy had landed in the same trouble for herself after it was revealed that she holds non-domicile status and hadn't been paying UK tax on overseas earnings. Subsequently, BBC had reported then that Murty had saved £2.1 million per year through her “non-dom” status.
Murty's wealth 'haunts' Sunak for the past year
Although she clarified that her arrangements were entirely legal and started paying British taxes on those earnings, this mounted trouble for her husband who was in the race for UK PM last year.
Sunak had to face severe criticism from her opponent candidate Liz Truss who charged him and his wife of hiding collective wealth. Last year, even the expensive "teacups" had also led to a major controversy in UK politics. Several compared that the cost of crockery may run a family of five members.
Moreover, it was reported that Infosys continued to have operations in Russia despite Westen's imposed sanctions, aiming to penalise Moscow. During an election campaign last year, Sunak had said he had “nothing to do” with Infosys but this could not prevent Sunak's rich image in the UK.
Sunak also need to come clean on Murty’s stake in the childcare firm
Besides, UK Parliamentary Commissioner for Standards Daniel Greenberg, on Monday, opened an inquiry into whether UK PM failed to declare a relevant interest relating to a minority stake owned by his wife. The complaint claimed that Sunak did not disclose that his wife held shares in Koru Kids, which registers childminders.
Although Downing Street assured that it will cooperate with the investigation and said, "We are happy to assist the commissioner to clarify how this has been transparently declared as a ministerial interest", it is believed that the development may bring hardship for both UK PM and his wife.