CEO & MD of Infosys Resigns: Angel Broking

Views of Ms. Sarabjit Kour Nangra (VP Research - IT, Angel Broking):

"Mr. Vishal Sikka has resigned as the Chief Executive Officer & Managing Director of Infosys with immediate effect. Sikka cited among his reasons for leaving "a continuous stream of distractions and disruptions over the recent months and quarters, increasingly personal and negative as of late, as preventing management's ability to accelerate the company's transformation. Sikka has been appointed as Executive Vice-Chairman while Chief Operating Officer UB Pravin Rao will now take over as the interim MD & CEO of the software major. Infosys said that the succession plan for appointment of a new Managing Director and Chief Executive Officer has been operationalised by the Board & a search for the same has been commenced. While in near term it's a setback for the company; but given the strength of the board of the company, we believe that the company will be overcome the setback. Given the valuations we maintain our BUY rating with a price target of INR 1179."

Shares of INFOSYS LTD. was last trading in BSE at Rs.923.1 as compared to the previous close of Rs. 1021.15. The total number of shares traded during the day was 8157426 in over 156020 trades.

The stock hit an intraday high of Rs. 1021.5 and intraday low of 884.4. The net turnover during the day was Rs. 7535377090.

Source : Equity Bulls

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