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Infosys shares nosedive as MD & CEO Vishal Sikka resigns today, to be Executive VC

The Financial Express logo The Financial Express 18-08-2017
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Shares of the India’s second largest information technology services company Infosys plunged as much as 7% on Friday after company’s CEO and MD Vishal Sikka resigned from the post today.

Complete coverage on Infosys row

Sikkha resigned barely three years after he was appointed as the CEO. Sikka, however, has been appointed as Executive Vice Chairman of the IT consulting major. The stock of the IT company fell tumbled 7.62% to the day’s low of Rs 943. While the shares were among the top gainers yesterday after the share repurchase proposal which is scheduled for tomorrow at the board meeting.

Click here to read full text of Vishal Sikka’s resignation letter as CEO and MD of Infosys

Troubles at Infosys Ltd, once India’s bellwether information technology services company, seem to continue with senior executives making a beeline towards the exit door. Way back in July 2017, the latest one to leave is Anirban Dey, the global head and chief business officer of Edge products at Infosys’ wholly-owned unit EdgeVerve. Infosys has seen a steady exit of top level executives over the last one-two years. Earlier this month, Infosys’ $500-million Innovation Fund’s Managing Director Yusuf Bashir, and the company’s head of mergers and acquisitions Ritika Suri resigned the firm.

Also Read: Infosys CEO Vishal Sikka resigns

Top Indian information technology companies such as Infosys, Tata Consultancy Services and Wipro, have recently found themselves in a tight spot, as is showcased by a high number of possible staff layoffs.

Earlier this week, Infosys has said it will consider a share buyback, India’s second largest information technology services company Infosys Ltd has said it will consider a proposal for buyback of equity shares of the company later this week at its board meeting on tomorrow, 19 August. Infosys did not disclose details of the proposed share buyback in the intimation sent to the stock exchanges on Wednesday, however, previous news reports have pegged its size to be at around Rs 16,000-17,000 crore.

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