Shares in India's Infosys Ltd fell as much as 3.5 percent to their lowest in over a month on Friday after a newspaper reported the company's founders were planning to sell their stakes, citing people familiar with the development.

Infosys co-founders are exploring a sale of their entire 12.75 percent stake, worth about 280 billion rupees ($4.36 billion), in the software services exporter, the Times of India reported.

The newspaper, however, quoted Infosys founder Narayana Murthy denying such a move. Murthy, along with his family, is the largest shareholder in Infosys with a 3.44 percent stake.

Shares of the software company fell as much as 3.5 percent to their lowest since May 5.

Promoters were not immediately reachable. Infosys had no immediate comment.