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Infosys Valuation Crashes To 52 Week Low as Vishal Sikka Steps Down as the CEO

Shares of Infosys yesterday, 18th August, collapsed over 13%, eating away Rs. 24,839 crore from its market evaluation, after Vishal Sikka, the first non-founder CEO of the company, resigned.The IT major’s scrip plunged 13.39 per cent to Rs. 884.40 — its 52-week low level — on the BSE. On the NSE, the stock folded 13.38 per cent down to hit its one-year low of Rs. 884.20.

The company shares closed down by 9.6 per cent at Rs. 923.10 on the BSE. On the NSE, the stock closed down by 9.57 per cent at Rs. 923.15.

The stock was the worst performer among the blue-chips on both the key indices.

The sharp fall in the stock exhausted Rs. 24,838.92 crore from its market valuation during the late afternoon trade yesterday.

Sikka resigned amid heightened acrimony between the board and the high-profile founders led by NR Narayana Murthy, saying he faced “false, baseless, malicious and increasingly personal attacks“.

Infosys Valuation

Pravin Rao, currently the chief operating officer, will serve as the interim CEO, India’s second largest software services exporter said in a statement.

Sikka, 50, a former German IT major SAP executive, who was roped in as CEO and MD of the $10-billion revenue company three years ago, has been appointed as the Executive Vice-Chairman until a new MD and CEO is appointed.

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