Exit costs NRN Rs 775 cr

The exit of Infosys CEO and MD Vishal Sikka has cost its founder N R Narayana Murthy a whopping sum of Rs 774.74 crore, as its stock tanked by 9.6% on Friday.

The company’s investors lost whopping Rs 22,523.82 crore during the day, as the news of its CEO resigning spread across the market.

The company’s m-cap on the close of day stood at Rs 2,12,030.96 crore, compared with Rs 2,34,554.78 crore on Thursday. Murthy family, that owns 3.44% stake in the company had their investments valued at Rs 8,068.68 crore on Thursday’s close which fell to Rs 7,293.87 crore by the end of Friday, falling by similar 9.6%.

Murthy holds 0.38%, while his wife Sudha N Murthy has 0.79%, daughter Akshata Murthy has 0.89% and Rohan Murty holds 1.38% stake in the company respectively, with their combined shareholding at 3.44%.

As soon as the news broke out, pessimism spilled across the market on the back of which the stock of Infosys tumbled over 13%. The m-cap of Infosys on Friday briefly slipped out of the top 10 companies on the BSE but soon regained the spot after Infosys’ chairman R Seshasayee said that there will be no change in its buyback plan.