Vishal Sikka's resignation as Infosys CEO, Stock cracks & wipes out Rs 30,000 crore investors' wealth
Bangluru:
Infosys released press note today and told that "Infosys board meeting held on August 18, 2017, the Board of Directors (the “Board”) of Infosys Limited accepted the notice of resignation of Dr. Vishal Sikka as the M.D.(Managing Director) and CEO(Chief Executive Officer), effective immediately."
Infosys will organize 2 investor calls on August 18, 2017
The company’s stock tanked nearly 10% down at Rs.922 around 1.10 pm (IST).
Vishal Sikka's resignation as MD & CEO of Infosys took a heavy toll on investors' wealth as the IT giant's market capitalisation tanked by nearly Rs.30,000 crore.
The Infosys stock slipped over 13 per cent in intra day trade to touch its multi-year low of Rs 884.20 in trade on Friday.
Later in the day, Infosys said that the company will go forward with the share buyback plans that the IT firm had announced on Wednesday and under which it could return as much as Rs 13,000 crore to its shareholders.
Meanwhile, according to mutual fund research firm Morningstar, the market value of mutual fund holdings in Infosys stood at Rs 21,094 crore in July compared with Rs 16,376 crore in the same month last year.
An Infosys statement said in his new role Sikka would continue to focus on strategic initiatives, key customer relationships and technology development. He will report to the company’s board and receive an annual salary of $1 during his tenure.
In a filing to BSE, the company said, “Sikka reiterated his belief in the great potential of Infosys, but cited among his reasons for leaving a continuous stream of distractions and disruptions over the recent months and quarters, increasingly personal and negative as of late, as preventing the management’s ability to accelerate the company's transformation.”
Source : Times of India and The Economics Times
Infosys released press note today and told that "Infosys board meeting held on August 18, 2017, the Board of Directors (the “Board”) of Infosys Limited accepted the notice of resignation of Dr. Vishal Sikka as the M.D.(Managing Director) and CEO(Chief Executive Officer), effective immediately."
Infosys will organize 2 investor calls on August 18, 2017
The company’s stock tanked nearly 10% down at Rs.922 around 1.10 pm (IST).
Vishal Sikka's resignation as MD & CEO of Infosys took a heavy toll on investors' wealth as the IT giant's market capitalisation tanked by nearly Rs.30,000 crore.
The Infosys stock slipped over 13 per cent in intra day trade to touch its multi-year low of Rs 884.20 in trade on Friday.
Later in the day, Infosys said that the company will go forward with the share buyback plans that the IT firm had announced on Wednesday and under which it could return as much as Rs 13,000 crore to its shareholders.
Meanwhile, according to mutual fund research firm Morningstar, the market value of mutual fund holdings in Infosys stood at Rs 21,094 crore in July compared with Rs 16,376 crore in the same month last year.
An Infosys statement said in his new role Sikka would continue to focus on strategic initiatives, key customer relationships and technology development. He will report to the company’s board and receive an annual salary of $1 during his tenure.
In a filing to BSE, the company said, “Sikka reiterated his belief in the great potential of Infosys, but cited among his reasons for leaving a continuous stream of distractions and disruptions over the recent months and quarters, increasingly personal and negative as of late, as preventing the management’s ability to accelerate the company's transformation.”
Source : Times of India and The Economics Times
Vishal Sikka's resignation as Infosys CEO, Stock cracks & wipes out Rs 30,000 crore investors' wealth
![Vishal Sikka's resignation as Infosys CEO, Stock cracks & wipes out Rs 30,000 crore investors' wealth]()
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August 18, 2017
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