Rishi Sunak’s wife, Akshata Murty, loses Rs 500 crore as Infosys shares plunge 9.4%

By Shahnaz Last updated Apr 18, 2023

Image Source: AP UK Prime Minister Rishi Sunak and his wife Aksha Murthy.

Infosys-Sunk Link: British Prime Minister Rishi Sunak’s wife Akshita Murthy is in trouble again as the shares of her father’s company Infosys Ltd lost nearly Rs 500 crore in just one minute on Monday after the biggest fall in the last year. was damaged

It is worth noting that Infosys Limited is an Indian multinational information technology company that provides business consulting, information technology and outsourcing services. The company is the brainchild of Nagawara Ramarao Narayan Murthy – Aksha’s father.

According to reports, she owns a 0.94% stake in the firm – worth more than £450 million. Shares fell after its guidance painted a negative outlook for India’s technology sector. On Monday, it closed down 9.4%. This decline was considered the biggest since March 2020.

What went wrong?

It is to be noted that there was no illegal or wrong doing by Akash or his father’s company. It is the British economy and people who are going through the worst economic crisis. As the Covid pandemic has hit the country, Britons are grappling with the cost of living crisis.

Early last year, Murthy found herself in similar trouble when it was revealed that she held non-resident status and was not paying UK tax on her overseas earnings. After this the bbc reported at the time that Murty saved £2.1 million a year through his “non-dom” status.

Murthy’s wealth ‘haunts’ Sunak since last year

Although she clarified that her arrangements were perfectly legal and began paying British tax on those earnings, it added to the trouble for her husband who was in the running for UK Prime Minister last year.

Sunk faced fierce criticism from rival candidate Liz Truss, who accused him and his wife of hiding a collective fortune. Last year, even the expensive “cup of tea” sparked a major controversy in UK politics. Compared to many that the cost of crockery can run a family of five.

Additionally, it was reported that Infosys continued to operate in Russia despite sanctions imposed by West aimed at punishing Moscow. During an election campaign last year, Sunak said he had “nothing to do” with Infosys but that did not stop Sunak’s wealthy image in the UK.

Sunak also needs to come clean on Murthy’s stake in the childcare firm

Additionally, UK Parliamentary Commissioner for Standards Daniel Greenberg on Monday launched an investigation into whether the UK prime minister failed to declare a related interest related to a minority stake owned by his wife. The complaint claims that Sunak did not disclose that his wife owned shares in Koru Kids, which registers the childminder.

Although Downing Street has assured it will co-operate with the inquiry and said “we are happy to help the commissioner clarify how this has been transparently declared to be in the Minister’s interest”, it is believed That this development could spell trouble for both the UK Prime Minister and his wife

Also Read: UK PM Sunk spends £500,000 (over Rs 5 crore) on private jets for foreign trips in less than 15 days: Report