Infosys loses Rs 34,000 crore in market-cap in two days
.jpg)
Infosys has lost nearly Rs 34,000 crore in carket capitailisation (market-cap) in the past two trading sessions after the resignation of Vishal Sikka from the post of Chief Executive Officer and Managing Director (CEO and MD).
At 03:30 pm; with a market-cap of Rs 200,640 crore on Monday, Infosys has lost Rs 33,915 crore market-cap in past two trading sessions, from Rs 234,555 crore on Thursday, August 17, 2017. The company has seen market-cap erosion of Rs 90,406 crore from its peak level of Rs 291,046 crore on July 6, 2016.
At the bourses, Infosys has dipped 14% in the past two trading sessions to Rs 874, its lowest level since August 8, 2014, after the IT major's buyback plan failed to cheer the markets. The company, on Saturday, had announced that it would buy back shares worth up to Rs 13,000 crore, or 4.92% of its paid-up capital, from investors at Rs 1,150 per share.
“Dr. Sikka's exit was the biggest risk and with this becoming an eventuality, the company faces a big challenge of filling the leadership vaccum. Dr. Sikka had guided the company well at a time when the industry is undergoing a metamorphosis towards newer technologies,” said analysts at Antique Stock Broking in a note.
We believe that leadership churn and the resultant growth slowdown will result in stock trading at the lower end of its historical range, said brokerage firm in company update report.
Analysts at HDFC Securities believe that Infosys’s 6.5-8.5% constant currency (CC) revenue growth guidance for FY18 (2-3.3% CQGR ask rate) is a tough ask now. The brokerage firm believes the discord between the Board and founders may impact senior management performance. This increases the risk of top-level attrition, especially recruits from SAP and other companies working out of Infosys’ US offices.
Other Latest News
.webp)
Fintech firm BharatPe on Tuesday said it has elevated its interim CEO and chief financial officer Nalin Negi as full-time chief executive officer.
Negi was given charge of interim CEO in January 2023 after then CEO Suhail Sameer stepped down from the post.
.webp)
Two individuals have been arrested by the Mumbai Crime Branch late on Monday night for allegedly firing shots outside the residence of Bollywood actor Salman Khan in Bandra West on April 14, several media outlets reported.
"Both individuals, who fled Mumbai following the shooting, were apprehended in Bhuj, Gujarat," stated officials, as per news agency ANI. The Mumbai police confirmed that the detained individuals, identified as Vicky Gupta and Sagar Pal from Champaran, Bihar, will be transported to Mumbai for further interrogation.
.webp)
Tata Consultancy Services has topped the LinkedIn's latest list of top companies to work for in India, followed by Accenture and Cognizant in the second and third place respectively.
Professional networking platform LinkedIn on Tuesday released the 2024 Top Companies list for India wherein IT companies bagged the top three ranks, while financial services firms dominated the list with 9 out of 25 companies from this sector.
.webp)
Shares of Vodafone Idea dropped as much as 3.95 per cent to hit an intraday low of Rs 12.64 per share. The drop comes in reaction to the follow-on public offering (FPO) anchor book, which will open today.
Vodafone Idea shares have plunged 25.19 per cent year-to-date (YTD), but have surged 7 per cent in the past 6 months.
.webp)
Srinivas Pallia, who has been a part of Wipro for over three decades, divested all his shares valued at Rs 5 crore in the company approximately a month and a half prior to his appointment as the new chief executive, according to a report by The Economic Times (ET).
Pallia sold his 100,000 Wipro shares through a 'market sale' on February 14 this year, with the transaction being reported to the exchange on February 15. The total transaction amounted to Rs 5.05 crore, the report added. Following the transaction, Pallia's holdings of securities on the BSE were reduced to zero.
.webp)
.webp)
.webp)
.webp)
.webp)
