Conflict between Vishal Sikka, CEO and N R Narayana Murthy had been developing from the second half of 2016, but it was in February that it bubbled to the surface, and it was about a week ago that the Infosys CEO decided it was time to quit.
As per the reports, Sikka said, “It got very intense, malicious and personal in February. It was the same noise, the same drama. I was wasting hundreds of hours dealing with nonsensical questions even after it had been established that there was no indecency.”
“People started wondering, who’s in charge here, should I do the work Vishal has assigned me? At some point, you say, this is going to hurt the company” he added.
But once it became apparent that Vishal Sikka wasn’t going to change his mind, the conversation bent around to ensuring a smooth transition.
According to Sikka, the attacks got personal in the last two weeks.
Sikka refused to be drawn into Narayana Murthy’s purported mail to his advisors in which he quoted a few independent advisors saying Sikka was CTO (chief technology officer) not CEO material.
Reaction on Infy Stock
The reaction was sharp and instant, the Infy stock tanked over 10% and investors lost Rs 22,500 crore. The damage for Narayana Murthy and family was Rs 850 crore. At one point in intra-day trade, it touched a 3-year low when it fell 13%, wiping out Rs 30,000 crore or nearly $5 billion of its market cap.