Performance check: Infosys beat benchmark, IT peers on Vishal Sikka's watch

Also read: Repeated 'assaults' by Narayana Murthy led to Vishal Sikka's exit, says Infosys board

Following the resignation announcement, Infosys stock fell over 9 percent, driving home the market's disappointment with the development.

During Sikka's tenure, the company’s stock jumped 22 percent from Rs 835.33 on August 1, 2014 at close to Rs 1,020.85 on Thursday. (Interestingly, shares of its rival TCS rose.)

In the three year period, Infosys stock outperformed all of its large peers — Wipro, TCS and HCL Tech. Rival TCS fell 1.4 percent during the period, while Wipro rose 7.8 percent and Tech Mahindra fell 20.2 percent.

Infosys also outperformed the S&P BSE Information Technology, with the index rising only 9 percent during the period.

In his letter to the board of directors, he said: “I came here to help navigate the company through what I saw as a massive transformation opportunity, to transform our company and restore strong profitable growth. We have achieved much in the last 3+ years, and for sure we can all be proud of the powerful seeds of transformation that have already been sowed.”

Also read: Full text: What Vishal Sikka said in his resignation letter to Infosys

The board of directors of Infosys is expected to meet on Saturday to consider a buyback proposal of up to Rs 13,000-crore share. In fact, the stock was one of the top gainers in trade on Thursday, supporting the benchmark index.