“The board has approved a proposal for buying back equity shares for an amount aggregating up to Rs 8,260 crore, which is less than 15 per cent of the total paid-up share capital and free reserves of the company,” Infosys said.

Sudip Singh, the global head of the energy, utilities, resources and services unit of Infosys has quit the company.

These trends are the third positive development for India’s $167 billion information technology (IT) outsourcing sector, after the first six months of the current fiscal saw IT firms adding more employees and raising salaries of some of them by as much as 40%.

The share buyback could happen at around 20-25 per cent premium to the current market price, The Times of India reported. The announcement of the buyback can be a part of the board resolution when it meets on January 11, the report added.

Tata Consultancy Services (TCS), Infosys, Wipro, NIIT Technologies, Larsen & Toubro Infotech, KPIT Technologies, Tata Elxsi and Sonata Software were down between 1% to 2% on the National Stock Exchange (NSE).

Roy, who has been with Airtel for the past 13 years, is the global CFO at the telecom major, a position he has been holding since August 2015. The post of a full-time CFO at Infosys was vacant since November 17 after its then chief financial officer M D Ranganath resigned citing personal reasons.

As part of the agreement, Infosys will acquire 81 per cent of the shareholding in Hitachi Procurement Service Co, Hitachi's fully owned subsidiary, Infosys said in a statement.

The company also announced that it has hired more than 7,000 American workers in the last 18 months as a part of its ongoing commitment to accelerate the pace of digital innovation for American enterprises.