Infosys share buyback at Rs 1105, 25% above market price

Infosys chief quits in rift with founders

The value of shares held by founder chairman N R Narayana Murthy, who is being blamed by Sikka for his exit, went down by Rs 855 crore.

In a followup statement issued today, the company's board of directors said it had accepted Sikka's resignation and appointed U.B. Pravin Rao, the chief operating officer, as interim CEO and managing director. Sikka cited "continuous stream of distractions and disruptions" among reasons for quitting- a development that augured crisis in the prestigious organisation, headquartered in Bengaluru.

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The release states that on the news of Vishal Sikka's resignation, shares of Infosys fell sharply during intraday trading on August 18, 2017. Market experts believe that it is a temporary phenomenon and that the buyback of shares announced by the company would help in arresting the fall in the stock price.

The Infosys board on Saturday approved a share buyback of up to Rs 13,000 crore a day after Vishal Sikka resigned as MD and CEO of India's second largest software exporter.

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Three US law firms Bronstein, Gewirtz & Grossman, Pomerantz Law Firm and the Rosen Law Firm are preparing to file a class action lawsuit against Infosys to recover losses suffered by Infosys investors following chief executive Vishal Sikka's resignation on Friday.

Sikka's untimely exit turned out to be a bloodbath for Infosys at markets as its stocks tumbled by more than 10 per cent on Friday. These law suits are based on the reports of potential purchasers of Infosys.

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"The share buyback is unlikely to soothe investor sentiment", said R.K. Gupta, managing director at Taurus Asset Management which owns shares in Infosys. While, Narayana Murthy, and his co-founders, have been spearheading the campaign against alleged corporate misgovernance since past year, the board has refrained from criticising Murthy, who many consider inseparable from the company's image. The announcement comes close on the heels of the completion of a Rs 16,000 crore share buyback by rival Tata Consultancy Services (TCS).

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