Infosys share price tanks over 13%, dips below 900-mark on Vishal Sikka's resignation

On NSE, Infosys stock hit 52-week low of 884.20 during intra-day trade Friday.

New Delhi: Stocks of Infosys on Friday tanked over 13 percent in afternoon trade after Vishal Sikka resigned as MD and CEO of the firm.

"...The board of directors of Infosys Limited 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.

Following the announcement, the stock quoted at 907.75, registering a fall of 11.11 percent over its previous closing price on the BSE. During intra-day trade it hit a low of 884.40.

Similar movement was seen on the NSE as well where the stock opened at Rs 1,017.90, fell to Rs 912.25, down 10.64 percent over its previous close. During intra-day trade it hit 52-week low of 884.20.

Sikka has been appointed as the Executive Vice-Chairman, Infosys said. Infosys COO U B Pravin Rao has been named as the Interim -MD and CEO of the firm.

"The succession plan for appointment of a new Managing Director and Chief Executive Officer has been operationalised by the board and a search for the same has been commenced," Infosys added.