Mumbai:Infosys Ltd shares fell as much as 8.11% on Thursday, the most since 21 August 2013, after B.G. Srinivas, president and a possible contender for the post of chief executive officer (CEO), decided to leave the IT company.

Srinivas had decided to put in his papers at least two weeks ago, but was being persuaded to stay on, two people familiar with the development told Mint on Wednesday, requesting anonymity.

With Srinivas’s departure, all five non-founder leaders have left Infosys, making an outsider look the most likely bet to take the job of CEO. The other executives who have left are Infosys Americas head Ashok Vemuri, BPO and India business head V. Balakrishnan, former finance chief T.V. Mohandas Pai and former global sales head Subhash Dhar. All were members of the board as well.

Srinivas joined Infosys in 1999 and was instrumental in setting up the company’s enterprise solutions business, which eventually became its largest horizontal unit, contributing 21% to the overall revenue.

He oversaw crucial verticals such as manufacturing, banking and financial services. Prior to his departure, he was also overseeing engineering services, energy and communications, among others operations.

The company has announced a final dividend of 43 per share.

Infosys shares closed trading at 2,924.30 apiece on BSE, down 7.81% from their previous close, while India’s benchmark Sensex index fell 1.31% to 24,234.15 points. The BSE IT and Teck indices fell 3.44% and 2.92%, respectively.