Infy stock settles down 3% on CFO's exit

New Delhi: Shares of Infosys on Monday defied the broader market sentiment and settled down 3% on the bourses, eroding 10,079.73 crore from the company’s market capitalisation.

On 18 August, Ranganath, fondly known as Ranga, who has been working with Infosys for close to two decades, resigned in a surprise move that raises questions about stability at the country’s second largest IT services firm.

During the day, Infosys after opening on a weak note at 1,388.70, and later tanked 4.03% to touch an intra-day low of  1,373.55. At close, the stock was quoted at 1,385.20, down 3.22 on BSE.

The market capitalisation of the company eroded by 10,079.73 crore to 3,02,545.31 crore at close.

Similar movement was seen on NSE as well, where the stock opened at 1,388.00, then fell 3.97% to a low of 1,373.50 and finally settled at 1,388.20, down 2.95%.

Market benchmarks Sensex and Nifty hit new closing highs of 38,278 and 11,552, respectively, on hectic buying by investors amid positive global cues.

Ranganath took over the CFO role in 2015 after the exit of Rajiv Bansal. He is leaving the company to “pursue professional opportunities in new areas” and will continue in his current position till 16 November, 2018, Infosys had said in a statement.

The board, which accepted the resignation at its meeting on 18 August, said it will immediately commence the search for Ranganath’s successor.

“After a successful career spanning 18 years in Infosys, including as CFO for the last three crucial years, I now plan to pursue professional opportunities in new areas,” Ranganath said.