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Infosys stock slips below Rs 1,400 on CFO exit

His resignation was accepted by the Infosys Board on Saturday. Ranganath will remain CFO until November 16.

August 20, 2018 / 09:48 AM IST
8 | Infosys |  Market Cap for the week ended October 30: Rs 4,51,753.23 crore crore | Loss during the week: 26,152.79 crore.

8 | Infosys | Market Cap for the week ended October 30: Rs 4,51,753.23 crore crore | Loss during the week: 26,152.79 crore.

 
 
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Infosys slipped over 3 percent in morning trade on Monday after company on Saturday announced that its Chief Financial Officer M D Ranganath has stepped down to pursue “professional opportunities in new areas”.

The stock which rallied by about 40 percent in 2018 came under pressure. The index breached its crucial psychological support at Rs 1400.

His resignation was accepted by the Infosys Board on Saturday. Ranganath will remain CFO until November 16.

“After a successful career spanning 18 years in Infosys, including as CFO for the last three crucial years, I now plan to pursue professional opportunities in new areas,” said Ranganath in a statement.

NR Narayana Murthy, Infosys' co-founder, said, “I have worked with Ranga for over 15 years. He is clearly one of the best CFOs in the country. His ability to take tough decisions in challenging situations, his solid financial expertise, strong value system, unfailing courtesy and flawless execution always distinguished him as an exemplary leader and a key asset for the company.”

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At 09:29 hrs Infosys was quoting at Rs 1,397.50, down Rs 33.85, or 2.36 percent on the BSE.
Moneycontrol News
first published: Aug 20, 2018 09:29 am

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