The morning on Friday came with a significant news related to the IT sector of the country. In a surprising move, Vishal Sikka resigned from his post of MD & CEO of Infosys and it was immediately accepted by the board of the company. Post his resignation, Sikka is not leaving the company as he has been appointed as executive vice chairman. After his resignation, UB Pravin Rao has been given the interim responsibility to head Infosys.
In the early trade on Friday, Infosys shares saw a big decline and till the time of writing this news, Infosys share was trading at INR 953 (down 6.63%). The news also holds value because Infosys share saw a great positive trend yesterday and went up by over INR 40 and closed at INR 1020.
Next few days are going to be like a roller coaster ride for the Infosys share on the stock market as the performance now depends on the decisions taken by the board members in the coming days. Just yesterday, Infosys had announced that it will soon start the process of buying back shares worth 13000 crores, however, this news today might delay that decision to a bit.