Infosys stock drops 6% as Srinivas resigns from company

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Infosys stock drops 6% as Srinivas resigns from company
Infosys: Quotes, News
BSE 877.15BSE Quote3.65 (0.42%)
NSE 875.40NSE Quote2 (0.23%)
Shares in Infosys dropped a staggering 6 per cent and was quoting below the Rs 3000 mark, at Rs 2980, following the resignation of Infosys president and board member B.G. Srinivas.

"The resignation of Srinivas will be effective June 10," Infosys said in a statement earlier on Wednesday.

Srinivas was one of the front-runners for the post of the chief executive of the troubled company after incumbent S.D. Shibulal exited in January.

"Srinivas has been an integral part of Infosys and has played an important role in the company's growth. The board and every Infoscion thank him for his wonderful contribution and wish him great success in his future endeavours," Infosys co-founder and executive chairman N.R. Narayana Murthy said in the statement.

"I thank Infosys for the wonderful opportunity given to me. My tenure at the company has been one of my most rewarding experiences, and I am proud to have contributed to the best growth story in the industry," Srinivas said.

The resignation of Srinivas makes it the 10th high profile exit from Infosys in the last one year. Before Srinivas, nine senior executives including the likes of V Balakrishnan, Mohandas Pai and Ashok Vemuri had quit the company.

Read more about: infosys, s d shibulal
Story first published: Thursday, May 29, 2014, 9:39 [IST]
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