Infosys slips after CFO Ranganath resigns

Infosys fell 1.96% to Rs 1403.25 at 10:08 IST on BSE after the company said that its board has accepted the resignation of M D Ranganath as the chief financial officer and key managerial personnel of the company.

The announcement was made on Saturday, 18 August 2018.

Meanwhile, the S&P BSE Sensex was up 287.17 points, or 0.76% to 38,235.05.

On the BSE, 2.33 lakh shares were traded in the counter so far compared with average daily volumes of 1.28 lakh shares in the past two weeks. The stock had hit a high of Rs 1408 and a low of Rs 1373.55 so far during the day. The stock hit a record high of Rs 1,436.65 on 17 August 2018. The stock hit a 52-week low of Rs 861.50 on 22 August 2017.

Infosys said Ranganath will continue in his current position as chief financial officer till 16 November 2018. The board will immediately commence the search for the next chief financial officer.

On a consolidated basis, Infosys' net profit declined 2.1% to Rs 3612 crore on 5.8% rise in revenues to Rs 19128 crore in Q1 June 2018 over Q4 March 2018.

Infosys is a global leader in next-generation digital services and consulting.

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