It’s been barely 3 days to Infosys’ CEO resignation, India’s second largest software company has slipped out of the list of top 10 companies by market capitalisation on BSE. Infosys has lost about 30,721.93 crores in just two days of trading after Sikka’s resignation.
Infosys was replaced by state-run Oil and Natural Gas Corporation or ONGC.
On the day of Sikka’s resignation, Infosys lost Rs 17,000 crore from the market capitalisation.
- From the stock value of market worth around Rs 2,29,285 crore on Thursday, the evaluation rolled down to 10 per cent, leading to a fall in its market capitalization to Rs 2,12,262 crore on Friday.
- For the first time, the company is seeing such a freefall of its stocks within few days. Under Vishal Sikka, Infosys stock outperformed its rivals- Tata Consultancy Services Ltd (down 1.44 per cent), Wipro (up 7.79 per cent) and HCL Technologies (up 14.51 per cent) during the last three years.
- Infosys’ market capitalisation today remained at Rs 2,03,832.85 crore as compared from Rs 2,34,554.78 crore on Thursday at the closing price of Rs 1,021.15 on Bombay Stock Exchange or BSE.
For this duration, the benchmark Sensex gained over 24%. After news of his resignation, the Infosys stock came under intense pressure, falling up to 13% intraday. Investors’ capital dropped down to nearly Rs 10,000 crore in market value during the same day.