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Sikka's exit: Infy records sharpest fall since Apr 2013, ends 9.6% lower

The stock has erased its entire Thursday's 4.5% gain post the development.

SI Reporter  |  Mumbai 

Vishal Sikka
Vishal Sikka


ended 9.6% lower, recording its sharpest decline since April 12, 2013 on closing levels. The stock hit 52-week low of Rs 884, down as much as 13.4% in intraday trade after resigned as the Managing Director (MD) and Chief Executive Officer (CEO) of the company with immediate effect.

“The board of directors of has at its meeting today accepted the resignation of Dr. as the Managing Director and Chief Executive Officer of the Company with immediate effect,” said in a statement.

has now been appointed as the Executive Vice-Chairman of The company has appointed U B Pravin Rao as the Interim-MD and CEO, it added.

said the succession plan for appointment of a new MD and CEO has been operationalised by the board and a search for the same has been commenced.

Meanwhile, the Board is also likely to consider a proposal for buyback of its equity shares on Saturday.

On June 12, 2014, Infosys, India's second biggest IT outsourcer named as the CEO & MD of the company. He took over as CEO & MD from S D Shibulal on August 1, 2014.

posted second highest turnover –  was the most traded counter on the National Stock Exchange (NSE) and BSE with the cumulative turnover of Rs 8,414 crore on Friday. A combined 90.34 million equity shares representing 3.9% of total equity of the company changed hands today.

Earlier, on December 8, 2014, had recorded a combined turnover of Rs 8,711 crore.

Even after taking into account today's fall, the stock of has outperformed the IT index by gaining 16% since was appointed as CEO & MD of the company. The S&P BSE IT index and Nifty IT index added 14% and 12%, respectively, during the same period.

Company 11/06/2014 17/08/2017 % chg 18/08/2017 % chg*
Infosys 794.69 1021.15 28.50 923.10 -9.6
HCL Technologies 701.80 867.75 23.65 876.20 1.0
TCS 2205.25 2480.15 12.47 2512.85 1.3
Wipro 263.48 288.80 9.61 288.20 -0.2
Tech Mahindra 504.70 424.40 -15.91 427.55 0.7
           
S&P BSE Sensex 25473.89 31795.46 24.82 31524.68 -0.9
S&P BSE IT Index 8862.48 10451.08 17.93 10081.89 -3.5
Nifty 50 7626.85 9904.15 29.86 9837.40 -0.7
Nifty IT index 9436.40 10797.80 14.43 10570.00 -2.1
           
Price on BSE in Rs
*% change over August 17, 2017

 

First Published: Fri, August 18 2017. 15:41 IST
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