IRFC shares dropped 5% as the government launched an offer-for-sale (OFS) to divest a 2% stake. Meanwhile, Infosys rose after expanding its AI partnership with GlobalFoundries, and Rashi Peripherals hit a 52-week high following a new acquisition.
What Happened
The Indian stock market saw mixed moves on June 24, 2026, driven by significant corporate developments. The Indian Railway Finance Corporation (IRFC) faced selling pressure, with its stock price sliding 5% after the government initiated an offer-for-sale (OFS) to divest up to a 2% stake in the company. In the IT sector, Infosys shares moved higher following news of an expanded AI-led managed services partnership with semiconductor manufacturer GlobalFoundries. Additionally, Rashi Peripherals reached a 52-week high as investors reacted positively to its strategic acquisition of VDA Infosolutions.
IRFC Share Price Under Pressure
The decline in IRFC shares comes as the government proceeds with its disinvestment plan for the railway financing entity. The OFS, which opened for non-retail investors on June 24 and will be available for retail investors on June 25, includes a base offer of 1% and a greenshoe option for an additional 1%. The floor price has been set at ₹91 per share, which is lower than the prevailing market price, typically prompting a price adjustment toward the floor level during OFS periods. Investors often monitor these divestments as they increase the public float of the company and reflect the government's ongoing asset monetization strategy.
Infosys Expands AI-Led Services
Infosys shares climbed nearly 2% following the announcement of an expanded multi-year collaboration with GlobalFoundries. The deal shifts the semiconductor manufacturer’s enterprise IT operations toward an AI-led managed services model. By leveraging its Topaz platform, Infosys will oversee end-to-end application, data, and service desk operations for the chipmaker. This deal signals a broader trend where manufacturing clients are moving away from traditional labor-intensive IT support toward predictive, AI-driven automation to enhance operational resilience and efficiency.
Rashi Peripherals’ Strategic Pivot
Rashi Peripherals hit a 52-week high after announcing a definitive agreement to acquire a 67% stake in VDA Infosolutions for ₹368.50 crore. This move marks a strategic shift for the ICT distributor, allowing it to enter the enterprise technology and digital infrastructure services market—areas that require specialized solution design rather than simple product distribution. With the remaining 33% to be acquired by 2029, the company aims to integrate VDA’s capabilities in cloud infrastructure, cybersecurity, and data management into its existing nationwide network.
Pine Labs Block Deal Activity
Shares of Pine Labs, a listed fintech entity, rose 3% amid substantial block deal activity. Approximately 41.9 lakh shares, representing 0.40% of the company's equity, changed hands at ₹152 per share, totaling ₹63.5 crore. Such block transactions often indicate shifts in institutional holdings, and investors typically watch the delivery volume in subsequent trading sessions to gauge the long-term impact on the stock price.
What Investors Should Track
For IRFC, the key monitorable is the final subscription level and the clearing price at the end of the OFS. For Infosys and Rashi Peripherals, market participants may focus on the execution timeline and the revenue contribution expected from these new partnerships and acquisitions. Additionally, the broader market may continue to watch for further disinvestment announcements from the government, which can periodically influence the volatility of public sector stocks.