Vishal Sikka’s Exit Costs Narayana Murthy More Than Rs 770 Crore
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.