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.