Infosys Stocks Down as CEO & MD Vishal Sikka Resigns

As Vishal Sikka steps down from CEO & MD post from Infosys, company's stocks tanked in opening trade on Friday, trading over 7 per cent down at Rs 952 around 10.30 am (IST). As Vishal Sikka resigns, Board of Directors has accepted the resignation.

An Infosys statement said in his new role Sikka would continue to focus on strategic initiatives, key customer relationships and technology development. He will report to the company’s board and receive an annual salary of $1 during his tenure.

In a filing to BSE, the company said, “Sikka reiterated his belief in the great potential of Infosys, but cited among his reasons for leaving a continuous stream of distractions and disruptions over the recent months and quarters, increasingly personal and negative as of late, as preventing the management’s ability to accelerate the company's transformation.”

On Friday, Infosys told BSE that its board was profoundly distressed by the unfounded personal attacks on the members of the management team that were made in anonymous letters that surfaced in recent months. (Source:ET)