While the Bombay Stock Exchange Sensex and National Stock Exchange Nifty made substantial gains on Monday morning, Infosys scrip slipped by more than 3% after the departure of its chief financial officer M D Ranganath. At 12:33pm the shares were trading at 1,386 rupees in the NSE, down from a previous close of 1,430.55 rupees.
India’s second-biggest software services exporter announced on Saturday that it had accepted Ranganath’s resignation. He will remain CFO until November 16 and plans to pursue “professional opportunities in new areas.”
Ranganath was appointed CFO in 2015 to succeed Rajiv Bansal and has served the company for 18 years. His resignation comes just seven months after Infosys appointed Salil Parekh as its chief executive officer after Vishal Sikka’s exit. The Infosys board will immediately commence the search for the next chief financial officer.
Interestingly, recent robust results and an optimistic management guidance in the latest quarter had put Infosys shares on a sound footing. Infosys stock had rallied by about 40% thus far in 2018.