Infosys slips as BPO unit removes CFO for violating norms

Infosys fell 0.59% to Rs 4,152.35 at 10:21 IST on BSE after the board of its outsourcing unit announced the separation of its chief financial officer from the services of the company for not complying with its code of conduct.

Meanwhile, the BSE Sensex was up 12.83 points, or 0.05%, to 28,176.12

On BSE, so far 5,974 shares were traded in the counter, compared with an average volume of 72,212 shares in the past one quarter.

The stock saw initial volatility. The stock hit a high of Rs 4,182 and a low of Rs 4,141.90 so far during the day. The stock hit a record high of Rs 4,225 on Tuesday, 18 November 2014. The stock hit a 52-week low of Rs 2,894 on 30 May 2014.

The stock had outperformed the market over the past one month till 18 November 2014, rising 8.38% compared with the Sensex's 7.87% rise. The scrip had also outperformed the market in past one quarter, gaining 17.38% as against Sensex's 6.72% rise.

The large-cap company has an equity capital of Rs 287.12 crore. Face value per share is Rs 5.

Infosys' outsourcing unit Infosys BPO after market hours yesterday, 18 November 2014, announced the separation of Abraham Mathews, its Chief Financial Officer from the services of the company for not complying with its code of conduct. This departure is in keeping with the company's goal of setting the highest standards of corporate governance and adhering to the letter and spirit of the company's code of conduct. Gautam Thakkar, the current Chief Executive Officer has submitted his resignation to the company effective 30 November 2014, taking responsibility on moral grounds and will be assisting Uppadhayay in this transition. Meanwhile, the company appointed Anup Uppadhayay as Chief Executive Officer and Managing Director of the company. The board of Infosys BPO also appointed Deepak Bhalla as Chief Financial Officer of the company.

Infosys' consolidated net profit as per International Financial Reporting Standards (IFRS) rose 7.28% to Rs 3096 crore on 4.48% rise in revenue to Rs 13,342 crore in Q2 September 2014 over Q1 June 2014.

Infosys is a global leader in consulting, technology and outsourcing solutions.

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