Infosys Share Price Drops After CFO’s Resignation, Jayesh Sanghrajka Named Successor

Infosys Share Price Drops After CFO's Resignation, Jayesh Sanghrajka Named Successor

VoM News Desk | December 12, 2023 | 12:03 PM IST | Breaking News | Follow on Google News

Infosys Share Price Drops After CFO’s Resignation, Jayesh Sanghrajka Named Successor

Infosys Share Price Drops After CFO’s Resignation, Jayesh Sanghrajka Named Successor

The share price of Infosys witnessed a decline of over 1% during early trade on Tuesday, December 12, following the announcement of Nilanjan Roy’s resignation as the Chief Financial Officer (CFO) of the company.

In response, Infosys named Jayesh Sanghrajka as the incoming CFO to take over from Nilanjan Roy effective April 1, 2024. The company’s shares opened at ₹1,475, showing a decrease from the previous closing value of ₹1,488.60. Within the first 10 minutes of trading, the share price fell by 1.4% to reach ₹1,468.50.

In its filing with the Bombay Stock Exchange (BSE) on December 11, Infosys acknowledged Nilanjan Roy’s resignation as the CFO and key managerial personnel, effective March 31, 2024. The board, based on committee recommendations, approved Jayesh Sanghrajka’s appointment as the new CFO.

Salil Parekh, CEO & MD of Infosys, expressed his appreciation for Nilanjan Roy’s leadership over the past five years and extended best wishes for his future endeavors. Parekh also endorsed Jayesh Sanghrajka, citing his extensive experience and expertise in multiple finance portfolios.

Notably, Infosys’ share price has dipped nearly 5% over the last year, displaying weaker performance compared to the Sensex’s 13% gain and the BSE IT index’s 17% surge in the same period. In the second quarter of the fiscal year 2024, Infosys reported a 3.2% year-on-year rise in its consolidated net profit, amounting to ₹6,212 crore. Additionally, the company revised its revenue growth guidance to 1-2.5% from the earlier projected 1-3.5%.

The transition in leadership at Infosys, marked by Roy’s resignation and Sanghrajka’s appointment, seemed to have an initial impact on the company’s stock value during the early trading session.

Infosys Share Price Drops After CFO’s Resignation, Jayesh Sanghrajka Named Successor: In case of rectification of any error in this Article, Visit on Correction Policy or Register your Query

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.