Did CFO Ranganath exit just cost Infosys Rs 10,080 cr?

Shares of Infosys today defied the broader market sentiment and settled down 3 per cent on the bourses, eroding Rs 10,079.73 crore from the company's market capitalisation.

On August 18, Ranganath, fondly known as Ranga, who has been working with Infosys for close to two decades, resigned in a surprise move that raises questions about stability at the country's second largest IT services firm.

During the day, Infosys after opening on a weak note at Rs 1,388.70, and later tanked 4.03 per cent to touch an intra-day low of Rs 1,373.55.

At close, the stock was quoted at Rs 1,385.20, down 3.22 per cent on BSE.

The market capitalisation of the company eroded by Rs 10,079.73 crore to Rs 3,02,545.31 crore at close.

Similar movement was seen on NSE as well, where the stock opened at Rs 1,388.00, then fell 3.97 per cent to a low of Rs 1,373.50 and finally settled at Rs 1,388.20, down 2.95 per cent.

Market benchmarks Sensex and Nifty hit new closing highs of 38,278 and 11,552, respectively, on hectic buying by investors amid positive global cues.

Ranganath took over the CFO role in 2015 after the exit of Rajiv Bansal.

He is leaving the company to "pursue professional opportunities in new areas" and will continue in his current position till November 16, 2018, Infosys had said in a statement.

The board, which accepted the resignation at its meeting on August 18, said it will immediately commence the search for Ranganath's successor.

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"After a successful career spanning 18 years in Infosys, including as CFO for the last three crucial years, I now plan to pursue professional opportunities in new areas," Ranganath said.