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Dealers say the development had already been discounted.
On the positive side, the non-exercise of the warrants means there will be no dilution of equity.
The company on Monday informed the BSE that the 1.1 crore preferential issue of equity warrants has lapsed on Saturday.
Because of the exercise price being substantially higher than the current market price, it was widely expected that the options would lapse. India Infoline shares had risen 19 percent on Friday.
Dealers are not hopeful of big gains in the stock, as the broking industry as a whole is facing pressure both on the revenue and margin front, due to depressed market conditions.
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