The benchmark BSE-500 Sensex index lost as many as 400 points today after a three-session long win post the news of Vishal Sikka's stepping down as Infosys' MD and CEO.
Hit hard by the move, Infosys scrip has lowered over 9% which is its sharpest fall in last 13 months time. Yesterday the company 'stock moved higher by 4% on the back of the company's proposal to consider share buyback.
The board of directors of Infosys Ltd has at its meeting today accepted the resignation of Dr Vishal Sikka as the Managing Director and Chief Executive Officer of the company with immediate effect," the IT firm said in a BSE filing today.
As per a filing to the BSE exchange, Sikka will be Executive Chairman while UB Pravin Rao will act as the interim MD and CEO.
Today's trading session sees huge selling in the IT pack but the rivals in the IT space including TCS registered gains.
Domestic sentiment was also hit on the back of weak global sentiments due to deadly attack in Spain as well as increasing fears of the fate of Donald Trump's economic agenda.
Of the BSE sectoral indices, IT index registered the sharpest fall of 2.95%, healthcare 2.09% and realty 1.23% while Oil&Gas and FMCG increased 1.17% and 0.71% respectively.