Infosys Ltd. lost more than Rs 22,400 crore in market value after Vishal Sikka resigned as the chief executive officer and managing director of the country’s second-largest software services exporter.
The stock dropped 9.6 percent, the most in over four years, to Rs 923 apiece. The decline wiped out a net worth of more than Rs 19,000 crore for public shareholders.
NR Narayana Murthy – who the board blamed for Sikka's exit – owns close to 3.44 percent stake along with his family in the company he co-founded in 1981. The value of their combined holding fell by more than Rs 770 crore, or 10 percent, in a day.
Deutsche Bank Trust, the largest public shareholder, lost close to Rs 3,700 crore. Life Insurance Corporation of India, which owns more than 7 percent stake in the company, lost over Rs 1,600 crore.