Infosys Shares In Focus After CFO Nilanjan Roy Resigns, Stock Down Almost 1%

The share price of Indian IT giant Infosys Ltd remained under pressure in the early trade on Tuesday (December 12) as investors reacted to the news of Infosys chief financial officer (CFO) Nilanjan Roy stepping down from his post. At 9:24 am IST today, Infosys shares were down 0.67% at Rs 1478.65 per share.

In an exchange filing on December 11, 2023, the company said, "Nilanjan Roy, Chief Financial Officer, and Key Managerial Personnel has resigned from the services of the Company. His last date with the Company would be March 31, 2024." The company further stated that the Board has appointed Jayesh Sanghrajka as the Chief Financial Officer and Key Managerial Personnel of the Company with effect from April 1, 2024.

Jayesh has spent over 18 years at Infosys across two stints and has performed various leadership roles. He is currently Executive Vice President and Deputy Chief Financial Officer.

Jayesh will be taking over from Nilanjan Roy, who after serving in this role since 2018, has decided to step down to pursue his personal aspirations outside of Infosys.

Roy's resignation comes at a time when Infosys and other tier-I information technology companies such as Wipro, HCL Technologies, and TCS are witnessing top brass exits. Following the announcement of Roy's exit from the company, American Depository Receipts (ADRs) of Infosys declined as much as 3% to $17.41 during the opening trade on Monday, December 11. Before this, Infosys stock price fell drastically up to 8.4% on July 20 after the Bengaluru-based software major slashed its revenue guidance. In this year so far, the stock has fallen 2.97%.

About Infosys :

Infosys claims to be a global leader in next-generation digital services and consulting. With over four decades of experience in managing the systems and workings of global enterprises, the company has expertly steered clients, as they navigate their digital transformation powered by cloud and AI.