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Infosys shares fall by over 2 percent after V Balakrishnan quits

Infosys shares fall by over 2 percent after V Balakrishnan quits

By Press Trust of India | Updated: 23 December 2013 17:07 IST

Shares of Infosys on Monday fell by over 2 percent after V Balakrishnan, head of BPO business, quit the company on whose board he was also a member.

Infosys shares ended the day at Rs. 3,468.65, down 2.35 percent on the BSE. During the day, the scrip lost 2.51 percent to Rs. 3,463.

At the NSE, the stock settled 2.38 percent lower at Rs. 3,467.

The bellwether stock was the worst performer among the blue-chips on Sensex and Nifty.

"IT major Infosys corrected 2.3 percent. The stock saw a sentimental impact after the company announced the exit of another senior management personnel. IT stocks such as Infy, HCL Tech and Wipro are trading in overbought zone and thus a correction in the near-term can't be ruled out," said Milan Bavishi, Head Research, Inventure Growth and Securities.

Said to be a top contender to the post of chief executive officer, Balakrishnan, who joined Infosys in 1991 and later became its chief financial officer, resigned, on Friday after Subrahmanyam Goparaju, senior vice president and head of Infosys Labs' quit.

( Also see: Infosys re-shuffle: U B Pravin Rao, Kiran Mazumdar-Shaw appointed as directors )

This is the eighth high-profile exit in the IT major ever since Narayana Murthy returned at the helm in June, 2013 bringing along his son Rohan as Executive Assistant.

"V Balakrishnan has conveyed his intention to resign as a member of the board and from the services of the company. The resignation is effective December 31, 2013," Infosys had said.

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