Sikka's resignation spooked investors in India's second-biggest IT services company and sent its shares down almost 10 percent, wiping US$3.45 billion (A$4.35 billion) off its market value. The rupee had opened with modest gain of 10 paise at 64.05 per dollar but later traded in a tight range in absence of any fresh macroeconomic clue, dealers said. The stock had hit a high of Rs 897 in intraday trade. It is the most active stock by value on NSE.
Market breadth was in the favour of losers, with about 2 stocks declining to every 1 stock that advanced. Despite the Rs 13,000-crore share buyback announcement, Infosys scrip, once the favourite of mutual funds, closed at Rs 873.50 on the BSE on Monday.
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In India too, the company's stocks plummeted almost 10 per cent on the BSE, with its market valuation falling by over Rs 22,518 crore. Infosys said U.B. Pravin Rao, its chief operating officer, has been named as interim managing director and chief executive.
Dr Sikka helped boost Infosys' revenue by about 25 per cent since taking over from SD Shibulal as CEO three years ago and reoriented the company to deal with a shift to internet and data-based computing.
Jadhav also regretted that the founders used their clout and stand in the IT industry to question the ethics of Sikka, which forced him to call it quits.
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As finding closure to the "founder issues" and maintaining business traction, especially in large accounts, would not be easy, Dhasmana said that, over the long-term, the Board had to create mechanisms to shield the management from external noise as had been the case with Sikka.
Some analysts believe the uncertainty hovering around the appointment of new CEO after Vishal Sikka's abrupt exit would likely to keep the stock under pressure in the near future.
Infosys had said that it had come to the attention of the board that a letter authored by Narayana Murthy, the founder of Infosys has been released to various media houses attacking the integrity of the board and management of the company alleging falling corporate governance standards in the company. The attractive share buyback at Rs 1,150 apiece announced on Saturday could not stem the free fall as many brokerages have downgraded the stock, factoring in tough times ahead.
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