In a move which took most people by surprise, Infosys' director in-charge, Human Resource and Administration, Mohandas Pai resigned on Friday from the board of the company with effect from June 11, 2011.
Infosys Technologies ended down 9.59% post announcement of its Q4 numbers and news of Mohandas Pai to exit from the company. The profit of Rs 1818 crore was below markets expectation. Revenues were up 2% to Rs 7,250 crore as against Rs 7,105.6 crore. Street was expecting net profit at Rs 1,856 crore and revenues at Rs 7,447 crore. In today's trade the stock shed close to Rs 18000 crore in terms of market cap. SBI had also notched ahead of Infosys in terms of top 5 companies based on current market cap. Infosys is now currently ruling at six spot post drubbing from hands of bear. Speaking exclusively to CNBC-TV18, Pai said he had been considering resigning for the last one-year. "I think new people should takeover leadership of Infy," he said adding, "I feel sad about leaving Infosys but need to take up new opportunities." Pai had been in a finance role as chief financial officer of Infosys since 1994, and later took responsibility for the critical functions of human resources and education. "We all know that he is taking this painful decision, since he has much bigger projects in the horizonDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
