Infosys stocks plunge 9.6% as CEO resigns

mumbai — Breaking a threeday gaining streak, key Indian equity indices — the NSE Nifty50 and the BSE Sensex — slipped on Friday as a sell off in the stocks of index heavyweight Infosys, coupled with negative global cues, hampered investors’ risk-taking appetite.

The Nifty50 of the National Stock Exchange (NSE) fell by 66.75 points, or 0.67 per cent, to close at 9,837.40 points.

The 30-scrip Sensitive Index (Sensex) of the BSE closed at 31,524.68 points — down 270.78 points, or 0.85 per cent, from its previous close at 31,795.46 points.

Infosys shares fell as much as 13 per cent, on way to their steepest intra-day percentage loss since April 2013 Dhruv Desai, Director and CEO of Tradebulls

The scrip prices of Infosys witnessed the biggest fall in over four years in the wake of the resignation of Vishal Sikka as the IT major’s chief executive officer and managing director.

Stocks of the IT major plunged 9.60 per cent on the BSE to close at 923.10 rupees per share, losing around 22,467 crore rupees in terms of market capitalisation intra-day.

“Infosys shares fell as much as 13 per cent, on way to their steepest intra-day percentage loss since April 2013,” Dhruv Desai, director and chief operating officer of Tradebulls, said.