 spiked as much as 56% intraday, hitting a record high of $30){kind=link}
New Delhi, December 20, 2025:. The stock’s American Depositary Receipts (ADRs) spiked as much as 56% intraday, hitting a record high of $30, before cooling off to close with a much more modest gain of roughly 5.4%.
The event has been described by traders as a “Glitch in the Matrix,” and while investigations are ongoing, several leading theories have emerged to explain the mystery.
1. The “Bizarre” Technical Glitch
The most widely reported cause involves a systemic data error. Several prominent financial data providers (including Zacks and MarketBeat) reportedly began mislabeling the “INFY” ticker as “American Noble Gas Inc.” in the days leading up to Friday.
- The Theory: Automated trading algorithms, designed to spot “mispriced” assets, saw a stock with the market cap and AI credentials of Infosys but the name of a small energy company. This mismatch likely triggered a massive “buy” signal for algorithms hunting for anomalies, creating a self-reinforcing feedback loop.
2. The “Broker Scramble” (Short Squeeze)
Wall Street trading desks reported a massive “short squeeze” involving a specific broker.
- The Theory: A large customer reportedly requested physical delivery of Infosys ADRs rather than the ordinary shares traded in India. The broker, lacking the ADRs on hand and facing difficulty converting Indian shares quickly, was forced to “source a borrow” in an illiquid market. This forced buying pushed prices up, trapping other short-sellers and forcing them to buy back shares at any price to cover their positions.
3. Thin Holiday Liquidity
The surge happened on the final full trading week of 2025, a time when many institutional traders have already closed their books for the holidays.
- The Impact: With fewer “market makers” providing stability, even a relatively small volume of aggressive buying can cause a massive price swing. Volume on Friday reached 118 million shares, more than 10 times the daily average.
Key Facts of the Surge
| Metric | Detail |
| Peak Price | $30.00 (All-time intraday high) |
| Peak Gain | +56% |
| Final Close | $20.22 (+5.42%) |
| Trading Halts | 2 (LULD – Limit Up-Limit Down) |
| India Listing | Gained only 0.7% (Highlighting the ADR-only nature of the event) |
The Company’s Stance
In a regulatory filing on Saturday, December 20, Infosys officially denied any material business developments or undisclosed events that would justify the move. They attributed the activity purely to market volatility and technical factors outside of their control.