Infosys fell 5.84% to Rs 2,986.80 at 9:40 IST on BSE after the company announced the resignation of B. G. Srinivas, president and member of the board, effective 10 June 2014.
The announcement was made after market hours on Wednesday, 28 May 2014.
Meanwhile, the BSE Sensex was down 73.31 points, or 0.30%, to 24,482.78.
On BSE, so far 1.19 lakh shares were traded in the counter, compared with an average volume of 74,438 shares in the past one quarter.
The stock hit a high of Rs 3,040 and a low of Rs 2,935 so far during the day. The stock hit a record high of Rs 3,847.20 on 3 March 2014. The stock hit a 52-week low of Rs 2,315.75 on 30 May 2013.
The stock had underperformed the market over the past one month till 28 May 2014, falling 0.19% compared with 8.50% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 16.96% as against Sensex's 16.27% rise.
The large-cap IT company has an equity capital of Rs 287.12 crore. Face value per share is Rs 5.
The board of directors placed on record their deep sense of appreciation for the services rendered by B. G. Srinivas during his tenure as member of the board and for his contribution to the company, Infosys said in a statement.
Narayana Murthy, execution chairman said, B. G. Srinivas has been an integral part of Infosys and has played an important role in the company's growth. The board and every Infoscion thanks B. G. Srinivas for his wonderful contribution and wish him great success in his future endeavors.
S. D. Shibulal, CEO and MD said, During his tenure at Infosys, B. G. Srinivas played a pivotal role in building the Enterprise Solutions Unit, strengthening our business in Europe and driving growth in key business verticals. I would like to wish him the very best.
B. G. Srinivas said, I thank Infosys for the wonderful opportunity given to me. My tenure at Infosys has been one of my most rewarding experiences, and I am proud to have contributed to the best growth story in the industry. I wish the Board and Infosys the best of success in the future.
Infosys' consolidated net profit rose 4.1% to Rs 2992 crore on 1.2% decline in revenue to Rs 12875 crore in Q4 March 2014 over Q3 December 2013. Infosys' non-operational income jumped 16.4% to Rs 851 crore in Q4 March 2014 over Q3 December 2013. The results are as per International Financial Reporting Standards.
Infosys has forecast revenue growth of 7% to 9% in dollar terms for the year ending 31 March 2015 (FY 2015). The company has forecast revenue growth of 5.6% to 7.6% in rupee terms for FY 2015. The guidance in rupee terms is based on rupee dollar conversion rate of 60.
Infosys had liquid assets including cash and cash equivalents, available-for-sale financial assets, certificates of deposits and government bonds at Rs 30251 crore as on 31 March 2014, higher than Rs 27440 crore as on 31 December 2013.
Infosys said that the company's current policy is to pay dividends up to 30% of post-tax profits. The board has decided to increase the dividend pay-out ratio to up to 40% of post-tax profits with effect from FY 2014. The board of directors recommended a final dividend of Rs 43 per share for FY 2014.
Infosys and its subsidiaries added 50 clients in Q4 March 2014 and 238 clients in FY 2014.
There was gross addition of 10,997 employees during the quarter and 39,985 during the year by Infosys and its subsidiaries.
Infosys is a global leader in consulting, technology and outsourcing solutions.
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