Buyback fails to cheer investors as nine brokerages downgrade Infosys since Sikkas exit
Vishal Sikka, CEO and MD, Infosys resignation has sent shivers down investors spine as the stock lost nearly Rs 27,000 crore in value. Moreover, a Rs 13,000 crore first-time-ever share buyback has so far failed to cheer sentiments as the stock continued to lose value on Monday August 21, 2017.
Key Highlights:
- Vishal Sikka resigns from his post on August 18,2017
- Infosys lost nearly Rs 27,500 crore market cap
- Infosys touches three-year low of Rs 881.15 per piece
Nine brokerages including JP Morgan and Nomura have downgraded Infosys Ltd since its CEO and MD Vishal Sikka quit last week.
The stock price of Infosys opened at Rs 882.55 per piece on BSE – a level which was last recorded in 2014 thus trading at a three-year low.
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