Infosys share price fall over 7% on Vishal Sikka’s resignation, Sensex down 229 points

Infosys share price plunged more than 7% on Friday as the markets reacted sharply to the resignation of Vishal Sikka as managing director and chief executive of the IT major.

business Updated: Aug 22, 2017 13:42 IST
HT Correspondent
HT Correspondent
Hindustan Times, New Delhi
Infosys,Vishal Sikka,Infosys Share Price
The logo of Infosys is pictured inside the company's headquarters in Bengaluru.(REUTERS)

Infosys shares plunged more than 7% on Friday as the markets reacted sharply to the resignation of Vishal Sikka as managing director and chief executive of the IT major.

Infosys shares were down to Rs 948.45 in early morning trade at the Bombay Stock Exchange (BSE), depreciating by more than Rs 72.70 over the price at close of trade on Thursday.

The Sensex also fell more than 229 points, slipping to 31,565.53 in morning trade since Thursday.

Similar sentiments were seen on the NSE where Infosys stocks opened at Rs 1,017.90 and fell to Rs 952.75, down 6.67% over its previous close.

Infosyys said in a statement, UB Pravin Rao has been appointed as interim-managing director and chief executive. Sikka has been appointed as executive vice-chairman.

The developments came after reports quoted Infosys founder NR Narayana Murthy as expressing doubts over Sikka’s ability to run India’s no. 2 software services exporter.

First Published: Aug 18, 2017 10:15 IST