Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Market / Stock-market-news/  Infosys stock settles down 3% on CFO Ranganath’s exit; M-cap erodes ₹10,080 crore
BackBack

Infosys stock settles down 3% on CFO Ranganath’s exit; M-cap erodes ₹10,080 crore

The market capitalisation of Infosys eroded by 10,079.73 crore to 3,02,545.31 crore at close

At close, Infosys stock was quoted at ₹1,385.20, down 3.22% on BSE. Photo: Mint.Premium
At close, Infosys stock was quoted at ₹1,385.20, down 3.22% on BSE. Photo: Mint.

New Delhi: Shares of Infosys on Monday defied the broader market sentiment and settled down 3% on the bourses, eroding 10,079.73 crore from the company’s market capitalisation.

On 18 August, Ranganath, fondly known as Ranga, who has been working with Infosys for close to two decades, resigned in a surprise move that raises questions about stability at the country’s second largest IT services firm.

During the day, Infosys after opening on a weak note at 1,388.70, and later tanked 4.03% to touch an intra-day low of 1,373.55. At close, the stock was quoted at 1,385.20, down 3.22 on BSE.

The market capitalisation of the company eroded by 10,079.73 crore to 3,02,545.31 crore at close.

Similar movement was seen on NSE as well, where the stock opened at 1,388.00, then fell 3.97% to a low of 1,373.50 and finally settled at 1,388.20, down 2.95%.

Market benchmarks Sensex and Nifty hit new closing highs of 38,278 and 11,552, respectively, on hectic buying by investors amid positive global cues.

Ranganath took over the CFO role in 2015 after the exit of Rajiv Bansal. He is leaving the company to “pursue professional opportunities in new areas" and will continue in his current position till 16 November, 2018, Infosys had said in a statement.

The board, which accepted the resignation at its meeting on 18 August, said it will immediately commence the search for Ranganath’s successor.

“After a successful career spanning 18 years in Infosys, including as CFO for the last three crucial years, I now plan to pursue professional opportunities in new areas," Ranganath said.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 20 Aug 2018, 05:54 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App