US-based OppenheimerFunds, the third largest institutional investor in Infosys, has reduced its holdings by 0.3 per cent.

Oppenheimer has sold around 46 lakh shares in the open market, in the April-June quarter, according to filings, which was prior to Vishal Sikka’s exit from Infosys. The company, however, continues to maintain its sizeable exposure, which amounts to 2.16 per cent in India’s second largest software exporter.

Infosys declined to comment. Its shares closed at ₹901, marginally down when compared to previous day’s close.

This comes in the backdrop of recent developments in Infosys, which saw its first non-founder CEO Sikka resign, followed by some members of the Board, including Chairman R Seshasayee.

The founders who hold 12.5 per cent in the software major are putting in place a strategy ‘refresh’, which includes bringing in a new CEO and a corporate governance structure to ensure that lapses do not occur.

Interestingly, OppenheimerFunds, had supported Sikka when the issue of corporate governance lapses first came into light earlier this year and in a note had said that the founders needed to accept that it was listed and no longer their firm. OppenheimerFunds did not respond to a comment.

One of the reasons Oppenheimer has reduced a part of its holdings can be attributed to the performance of the Infosys stock, which for the last three years has under performed both the Sensex and BSE IT index.

“A fund house typically modifies its allocation on the basis of performance of the stock and OppenheimerFunds seems to have done that,” said an analyst from a Mumbai-based brokerage house.

Along with Oppenheimer, other foreign portfolio investors such as Government of Singapore and Abu Dhabi Investment Authority have lowered their stake in the company to 37.53 per cent from 38.31 per cent. Meanwhile, domestic mutual funds such as ICICI Pru, HDFC Securities and others have increased their holding to 8.95 per cent.

On September 3, in a filing with the BSE, Infosys said a total of 18 people, comprising co-founders and their family members — with the exception of former CEO SD Shibulal — have offered to tender their shares for the ₹13,000 crore buyback. Murthy has offered to sell 7.18 lakh shares while Nilekani has tendered 21 lakh shares, the filing added.