Infosys tanks as Sikka resigns

Infosys is the top loser, going down over 7.5% to Rs.944. Its 52-week low is at Rs.900.30.

The company announced today morning at around 9AM that at its Board meeting held today morning, the notice of resignation of Dr. Vishal Sikka as the Managing Director and CEO, effective immediately was accepted by the Board.

Sikka, in his resignation letter, said that his reason for leaving is a continuous stream of distractions and disruptions over the recent months and quarters, increasingly personal and negative as of late, as preventing management's ability to accelerate the Company's transformation.

Dr. Sikka has been appointed Executive Vice Chairman effective today, and will hold office until the new permanent Chief Executive Officer and Managing Director takes charge, which should be no later than March 31, 2018.

Mr. U. B. Pravin Rao has been appointed Interim Chief Executive Officer and Managing Director reporting to Dr. Sikka under the overall supervision and control of the Company’s Board.