In order to restore their investor confident and return their money shareholder Infosys, Cognizant plan buybacks to cut cash.Infosys plan to buy back its Rs 12,000 crore share.From the source, it is said the company is currently discussing the buybacks process whether they open a tender or market buybacks the same picture is with Cognizant.

According to a source, “They don't need capital to induce growth either. In such a context, investors are asking these cash-rich companies to give them back money in a tax-efficient manner".

Infosys is cut its cash of $5.25 billion. From its last decades, Infosys share price dropped to Rs 944 from Rs 1,150.

Shailesh Haribhakti, founder and chief mentor of Baker Tilly Desai Haribhakti Consultants (DHC) said, the growth prospects of IT companies have become uncertain.

He added, “You combine that with all of them having a significant cash pile, and it's an instant recipe for buybacks”.

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