Saturday, 19 August 2017

Infosys loses over Rs 22k crore in market value after Sikka quits

New Delhi: Shares of Infosys ended sharply lower by nearly 10 percent on Friday, wiping out Rs 22,519 crore from its market valuation, after Vishal Sikka, the first non- founder CEO of the company, called it quits.

Sikka, 50, a former German IT major SAP executive under whose three-year tenure Infosys' revenue rose about 25 percent, did not name Murthy directly as the reason for his exit but said he faced "false, baseless, malicious and increasingly personal attacks".

While Pravin Rao, currently chief operating officer, has been named the interim CEO, Sikka will become executive vice- chairman for USD 1 annual salary to help find new MD and CEO latest by March 31, 2018.

Meanwhile, according to mutual fund research firm Morningstar, the market value of mutual fund holdings in Infosys stood at Rs 21,094 crore in July compared with Rs 16,376 crore in the same month last year.

"Infosys has been the favoured stock from the tech space, with 40 percent of the mutual fund industry's overall technology sector allocations being made in the IT major," said Kaustubh Belapurkar, Director Fund Research, Morningstar.


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