Mumbai, August 18: Shares of Infosys, the country’s second largest IT exporter slipped soon after Managing Director And CEO Of Infosys Dr. Vishal Sikka resigned on Friday. Shares of Infosys on BSE Sensex were down by 9.81% at 921 while on the wider NSE Nifty, the shares were down by 100 points to trade at 920. U. B. Pravin Rao has been appointed Interim Chief Executive Officer and Managing Director reporting to Sikka under the overall supervision and control of the Company’s Board.Also Read - Good News For Freshers: TCS, Infosys, Wipro Plan to Hire Nearly 1 Lakh Employees in FY22

After Infosys said the board will take up a proposal for buyback of shares on Saturday, its shares zoomed most by 4.54% to Rs 1,021.15 on Thursday. This helped the key Indian indices witness gains for the third day in a row. Sensex stayed up for the most part of the day and hit a high of 31,937.51 due to Infosys stock following the company’s buyback proposal. Also Read - Infosys Plans To Hire 55,000 Freshers For FY22 As Part Of Global Graduate Recruitment Drive | Details Inside

On Friday, Sensex fell nearly 208 points and Infosys tanked over 7 per cent in early trade after Sikka resigned as MD and CEO with immediate effect. In his resignation note to his Infosys Board Colleagues, Sikka said,  “Over the last many months and quarters, we have all been besieged by false, baseless, malicious and increasingly personal attacks. Allegations that have been repeatedly proven false and baseless by multiple, independent investigations”. He further added saying that despite this, the attacks continue, and worse still, amplified by the very people from whom we all expected the most steadfast support in this great transformation. “Addressing the noise by itself is damaging; hundreds of hours of my own time has gone into this recently”, he further added. Also Read - Will TCS, Cognizant, Infosys And Other IT Firms Continue Working From Home This Year Too? Read Here

In April, Infosys which is India’s No. 2 software services exporter has said that it would return up to Rs. 13,000 crore to shareholders in the fiscal year ending March 2018, adding the manner of the payout will be decided later by the board.  After the announcement of proposal for buyback of shares, IT companies are under pressure to increase shareholder’s return amid slowing growth in their core business.