Infosys Witnesses 3% Stock Dip as CFO Nilanjan Roy Resigns

Infosys Witnesses 3% Stock Dip as CFO Nilanjan Roy Resigns

VoM News Desk | December 12, 2023 | 12:02 AM IST | Breaking News | Follow on Google News

Infosys Witnesses 3% Stock Dip as CFO Nilanjan Roy Resigns. Image/Reuters

Infosys Witnesses 3% Stock Dip as CFO Nilanjan Roy Resigns

Tech giant Infosys, listed on the US stock market, experienced a decline of more than 3% in its shares during Monday’s opening trade, following the resignation announcement of Nilanjan Roy from the position of Chief Financial Officer (CFO).

Roy, whose last day in office is scheduled for March 31, will be succeeded by Jayesh Sanghrajka, as per the recent filing with the stock exchange.

In the filing, Infosys stated that Roy opted to step down to pursue personal aspirations outside the company. Salil Parekh, CEO & MD of Infosys, expressed his appreciation for Roy’s commendable leadership over the past five years and extended best wishes for his future endeavors Parekh also lauded Sanghrajka’s extensive experience and leadership, having been with Infosys for over 18 years and serving as the Executive Vice-President and Deputy CFO.

However, the decline in Infosys’ stock is not an isolated event. In October, the company’s American Depositary Receipts (ADRs) faced a 6.5% decline after Q2 results, followed by a steeper 8.4% drop in July due to reduced revenue guidance.

Despite revising its revenue projections downward for FY24, Infosys has maintained its operating margin guidance at 20-22% for the fiscal year, suggesting potential challenges in the company’s second half. This could prompt exploration of cost-cutting measures.

In Monday’s trading session, Infosys shares ended at ₹1,488.50 on the NSE, marking a 0.2% decline.

The stock’s performance has notably lagged behind the benchmark index throughout the year, recording a 1.3% loss while the Nifty50 achieved a 16% gain from January to the present.

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VoM News Desk

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