Another high-profile exit at Infy; stock slips 1%

Ashok Vemuri, Americas head and global manufacturing chief, has resigned from the company.

Infosys is trading lower by around 1% at Rs 3,092 in otherwise firm market after Americas head and global manufacturing chief, Ashok Vemuri, resigned from the company.

The stock opened at Rs 3,070 and hit a low of Rs 3,061 on NSE. CNX IT index however, was up 0.03%, while the benchmark CNX Nifty up nearly 1% at 1114 hours.

“Ashok Vemuri, member of the board has conveyed his intention to resign from the services of the company. The board has accepted his resignation and has decided to relieve Mr. Vemuri from his responsibilities effective September 12, 2013,” Infosys said in a regulatory filing.

Vemuri, head of operations (Americas) and global head (manufacturing and engineering services), was said to be one of the contender for the chief executive’s position, along with board members V Balakrishnan and B G Srinivas, the Business Standard report suggests.