Infosys slides on high-level exit

Srinivas, who has quit the company, was widely seen as the top contender for chief executive's position.

Infosys is under pressure this morning after B G Srinivas, President and Board member tendered his resignation from the company. The stock is quoting at Rs 2978, weaker by Rs 193 or 6.1%, on the BSE. 

 

In what came as a surprising development to many, information technology (IT) services major Infosys on Wednesday said its president and board member B G Srinivas had quit the company. Srinivas was widely seen as the top contender for chief executive’s position at the Bangalore-based company after incumbent S D Shibulal’s retirement by January 2015. This is the tenth big exit from the company in a year.

Infosys is an Indian multinational that offers business consulting, information technology, software engineering and outsourcing services. It is headquartered in Bengaluru, Karnataka. 

 

While investors and analysts viewed Srinivas as the top choice to lead Infosys, a top headhunting source said Srinivas had been looking to move out of Infosys for some time now and had even held initial discussions with some smaller Infosys peers.

The stock opened at the day's high of Rs 3040 and has touched a low of Rs 2925 thus far.

Over 99,196 shares were traded on both the stock exchanges so far.