Infosys shares fall 4% to Rs 1,373.55 on Chief Financial Officer MD Ranganath's sudden exit

New Delhi: Shares of Infosys on Monday defied broader market sentiment and fell as much as 4 percent in morning trade on bourses following the sudden resignation of its Chief Financial Officer MD Ranganath.

On 18 August, Ranganath, fondly known as Ranga, who has been working with Infosys for close to two decades, resigned in a surprise move that raises questions about stability at the country's second largest IT services firm.

Representational image. Reuters.

Representational image. Reuters.

Ranganath, took over the CFO role in 2015 after the exit of Rajiv Bansal.

Following the sudden exit, shares of the company opened on a weak note at Rs 1,388.70, then fell to Rs 1,373.55, down 4.03 percent over its previous closing price.

Similar movement was seen on NSE as well, where the stock opened at Rs 1,388.00, then fell 3.97 percent to a low of Rs 1,373.50.

He is leaving the company to "pursue professional opportunities in new areas" and will continue in his current position till November 16, 2018, Infosys had said in a statement.

The board, which accepted the resignation at its meeting on 18 August, said it will immediately commence the search for Ranganath's successor.

"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," Ranganath said.

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Updated Date: Aug 20, 2018 12:30:41 IST

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