Infosys stock made a significant rally by climbing 1.98 per cent to Rs 894.50 on value-buying amid speculation that Nandan Nilekani might return as the company’s head.

Buying interest was seen as the company's third largest institutional investor, OppenheimerFunds, said its views on the company have not been “materially” impacted by CEO Vishal Sikka quitting.

The views assume significance as large investors take on Infosys and their buy-in will be critical in shaping the company’s narrative in the next few days.

Shares of Infosys had last Friday slumped over 13 per cent, eroding Rs. 24,839 crore from its market valuation , after Vishal Sikka, the first non-founder CEO of the company, resigned.

The IT major’s scrip plummeted 13.39 per cent to Rs. 884.40 — its 52-week low level — on the BSE. On the NSE, the stock crashed 13.38 per cent to hit its one-year low of Rs. 884.20.

The stock was the worst performer among the blue-chips on both the key indices. The sharp plunge in the stock wiped out Rs. 24,838.92 crore from its market valuation during the late afternoon trade.

On Monday, the software giant extended losses by falling 5.37 per cent despite Rs. 13,000 crore share buyback announcement. The stock was the biggest loser among the blue-chips on both the key indices.

Sikka resigned amid heightened acrimony between the board and the high-profile founders led by NR Narayana Murthy, saying he faced “false, baseless, malicious and increasingly personal attacks“.

Pravin Rao, currently the chief operating officer, will be the interim CEO, India’s second largest software services exporter had said in a statement.

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