Kakal's resignation will be with effect from April 18, 2014. Kakal was one of the top contenders for assuming the post of CEO after Shibulal, before the promotions of BG Srinivas and Pravin Rao as the presidents of the company.

Among the several top level executives who recently quit Infosys include Ashok Vemuri and V. Balakrishnan.

Only a week back Infosys surprised markets by painting a not so rosy picture for Q4 2014.

"At the beginning of the quarter (Q4) we gave guidance for FY 2014. Several factors may result in our revenues to be near the lower end of guidance," Infosys CEO S D Shibulal said at a Barclays investor meet.

"At the broad level some of our clients have seen slowdown in their business, these are across various verticals leading to unanticipated project ramp downs and cancellations in Q4."

Chairman N Narayana Murthy also painted a far from rosy picture. Murthy said that the revenue would be at the lower end of the guidance and expressed disappointment at the poor margins at Infosys in the last several quarters.

"We expect to be somewhere between 11.5 percent and 12 percent in our revenue growth. Much more like 11.5 percent compared to what is being proclaimed as the Nasscom industry growth rate and that is about 13 percent," a leading business portal reported. Also read 4 reasons why there may be more downside risk to the Infosys stock

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