Shares of Infosys fell as much as 13.39% during intra-day trade after the company said on Friday it accepted the resignation of company’s managing director and chief executive officer Vishal Sikka. On the Bombay Stock Exchange (BSE), the stock touched its 52-week low during intra-day trade at Rs 884.40 and closed the session 9.60% lower.

Shares of Infosys fell as much as 13.39% during intra-day trade after the company said on Friday it accepted the resignation of company’s managing director and chief executive officer Vishal Sikka. On the Bombay Stock Exchange (BSE), the stock touched its 52-week low during intra-day trade at Rs 884.40 and closed the session 9.60% lower at Rs 923.10 a share. The stock posted its biggest one day fall in four years, which was earlier recorded in April 2013. The stock lost approximately Rs 22,521.6 crore worth market cap. Three months average volume on BSE and NSE has been approximately
39.72 lakh, but on Friday 9.03 crore shares of Infosys were traded. The company was the most active security on the BSE with 81.57 lakh volume. Infosys has now appointed Sikka as the executive vice-chairman and UB Pravin Rao as the interim-managing director and CEO.

Prior to the appointment as interim MD and CEO, Rao was the chief operating officer at the IT major. On Thursday, Infosys stock rose 4.54% after the IT major said late on Wednesday that its board would meet on August 19 to consider a proposal to buy back its shares.

source: financialexpress.com