Promoters lose ₹2,871 cr in a day

MUMBAI: Promoters of Infosys Ltd led by founder and former chairman N R Narayana Murthy lost ₹2,871 crore in paper wealth on Friday after stocks of the software company plunged almost 10% following the exit of chief executive officer (CEO) Vishal Sikka—for which the board of the company blamed Murthy.

Murthy has been engaged in a bitter spat with the Infosys board and the management over what he sees as violations of corporate governance and they see as interference.

Overall, shareholders of the technology firm lost ₹22,519.50 crore after the sell-off triggered by Sikka’s unexpected resignation. The Infosys stock closed 9.6% lower at ₹923.10, its biggest fall since 12 April 2013.

The promoters held 12.74% stake in the firm at the end of June; this is split between five families.

Sudha Gopalakrishnan, wife of Kris Gopalakrishnan who served as CEO and managing director between 2007 and 2011, lost about ₹482.2 crore in notional wealth because of Friday’s share price fall. She held 2.14%, the most among individual promoters. She was followed by Rohan Murty, son of Narayana Murthy, who held a 1.38% stake and lost ₹311.79 crore in Friday’s rout. Murthy’s individual loss in notional wealth: ₹85.49 crore. If holdings are sectioned in terms of family, then the Murthy family lost ₹774.62 crore, because it held the maximum stake of 3.44% among the promoters. It was followed by the Gopalakrishnan family, which saw the value of its stake plummet by ₹717.95 crore.

SHAREHOLDERS OF THE FIRM LOST ₹22,519.50 CRORE AFTER THE SELLOFF