Vishal Sikka's resignation wipes off over Rs 22,500 crore from Infosys' market cap
Friday turned out be a dramatic day for Infosys Vishal Sikka resigned from his post of MD and CEO with immediate effect.
This was not taken well by investors. Share price of Infosys touched a four-year low of Rs 884.40 per piece – a level which was last seen on August 21, 2014.
The stock price of Infosys fell 9.60% ending the day at Rs 923.10 per piece on Friday. With this, the company lost over Rs 22,500 crore from its market cap in a single day.
Market cap of Infosys at the end of Friday August 18, 2017 stood at Rs 2,12,124.90 crore as against previous day's close of of Rs 2,34,552.50 crore.
Infosys dragged the broader markets too with it as BSE Sensex lost 0.85% to close at 31, 524.68 points on Friday. Vinod Nair, Head of Research, Geojit Financial Services Ltd said, "Market slid due to unprecedented exit of Infosys CEO which put investors and stakeholders in the doldrums. On the global front, investors were jittery on account of a terrorist attack in Europe which also dampened the sentiment."