The sell-off in the Infosys counter following the exit of President B G Srinivas, considered to be in the race to bag the CEO post when the current CEO S D Shibhulal retires in January next year, has widened with the stock shedding close to Rs 230 about two hours into trading today.
He was the 10th top level management personnel to quit from the company in the past one year after one of the co-founders of Infosys, NR Narayana Murthy, came back to steer the ship in mid-2013.
It is not clear whether his abrupt exit was an indication that the company has zeroed in on the next CEO, sensing which Srinivas has opted to move out of Infosys.
Echoing the general feeling among the investing community, Dipen Mehta, who is a member of BSE & NSE, said in a media interview that it had come at a time when the fortunes of the IT sector were looking up globally which Infosys could capitalise on.
Infosys shares plunged 7.2 per cent or Rs 228.70 to Rs 2,943.90 on the BSE at around 11.15 a.m. The stock, which had fallen to a low of Rs 2,935 before recovering, has again slipped, though floating above the day's low on the exchange.