Infosys' stocks plunge over 8% as Sikka quits

Stocks of global software major Infosys plunged over eight per cent on Friday following the resignation of Vishal Sikka as its Chief Executive Officer (CEO) and Managing Director (MD).

At 12.30 p.m., the IT major's scrip on the BSE dipped by 8.46 per cent to trade at Rs 934.75 per share.

The plunge in the stocks of the company led the overall S&P BSE IT index to decline by 289.84 points or 2.77 per cent.

Infosys on Friday announced that Sikka has resigned. "The Board of Directors has accepted the resignation of Vishal Sikka ... with immediate effect at its meeting held on Friday," said the IT major in a statement.

The Board, however, appointed the 50-year-old Sikka as Executive Vice-Chairman and will hold office until the new CEO and MD takes charge by March 31, 2018.