Infosys CFO Ranganath decides to quit, stock dips

The Board of Directors of Infosys have accepted the resignation of M. D. Ranganath, the Chief Financial Officer of the company. The stock of Infy has taken a hit from this news and was trading at Rs. 1,401 per share, down by over 2 per cent, at10:33 hours on Monday.
 

Ranganath will continue to serve as the CFO of the company until November 16, 2018. Meanwhile, the board will commence the search for a successor, said a company's filing to the exchanges.

Ranganath who has been with Infosys for 18 years and served his last three years as the CFO has resigned to pursue professional opportunities in new areas. He has been a part of the Infosys Leadership team and was involved in the areas of finance, consulting, strategy, risk management and M&A.

Post the news, on Monday the shares of Infosys reached an intraday high of Rs 1,408 and an intraday low was at Rs. 1,373.55 per share on the BSE. Its 52-week high was Rs. 1,436 per share and its 52-week low was at Rs. 861.50.

At 10:33 hours, the stock was trading at Rs. 1,401 per share, down by over 2 per cent. Meanwhile, the BSE Sensex was quoting 38,228 level, up by 0.74 per cent and Nifty50 was quoting 11,534.25 level, up by 0.55 per cent.