Infosys down in the red

It was after some time that we heard of one more resignation from Infosys. On Saturday, the company announced that its CFO, M D Ranganath has stepped down to pursue “professional opportunities in new areas”.

His resignation was accepted by the Infosys Board on Saturday. Ranganath will remain CFO until November 16.

The immediate reaction to this news was the stock opening 3% lower at Rs.1388.70 and it went down 4% to Rs.1373,55.

The initial fear was the this could trigger another mass exodus of the top management like before and that created some panic. But once it was known that his going could be a one-off thing, some reassurance came back and the stock recovered to Rs.1408 though it is once again down to Rs.1386 currently.

Thus in Infosys, given its past track record the panic mode is always on and any top management exodus tends to trigger off a sense of exit.