Bala’s exit pulls Infy down 2%

Mumbai: Shares of Infosys on Monday fell by over 2 per cent after V. Balakrishnan, head of BPO business, quit the company on whose Board he was also a member.

Infosys shares ended the day at Rs 3,468.65, down 2.35 per cent on the BSE. During the day, the scrip lost 2.51 per cent to Rs 3,463.

At the NSE, the stock settled 2.38 per cent lower at Rs 3,467. The bellwether stock was the worst performer among the blue-chips on Sensex and Nifty. “IT major Infosys corrected 2.3 per cent. The stock saw a sentimental impact after the company announced the exit of another senior management personnel.

IT stocks such as Infy, HCL Tech and Wipro are trading in overbought zone and thus a correction in the near-term can’t be ruled out,” said Milan Bavishi, head Research, Inventure Growth and Securities.

Said to be a top contender to the post of chief executive officer, Balakrishnan, who joined Infosys in 1991 and later became its chief financial officer, resigned, on Friday after Subrahmanyam Goparaju, senior vice president and head of Infosys Labs’ quit.