Tech Mahindra shares make biggest jump in 3 years; Mohit Joshi set to be CEO, succeed CP Gurnani

Tech Mahindra share price today: The stock of Tech Mahindra staged its biggest single-day rise in almost three years on Monday. after India's sixth largest IT company by market value — after TCS, Infosys, HCL Tech, Wipro and LTIMindtree, announced the appointment of Mohit Joshi, a former Infosys president, as its CEO designate. Joshi is set to take the helm from CP Gurnani, who retires on December 19, 2023. Tech Mahindra said Joshi will join Tech Mahindra "well before that date" to allow sufficient time for transition.

Tech Mahindra (TECHM) shares jumped by as much as Rs 103.4 or 9.7 per cent to Rs 1,164.5 apiece on BSE, their biggest gain since March 24, 2020, after the IT major announces the appointment of Mohit Joshi, a former president at Infosys, as MD and CEO designate. Joshi is set to take charge from CP Gurnani, who retires in December this year.

Tech Mahindra shares traded in huge volumes.

At 10:45 am, the stock held on firmly to the green with a gain of 8.1 per cent at Rs 1,146.8 apiece. As many as 2.5 lakh Tech Mahindra (TECHM) shares changed hands for the day so far on the bourse, as against a daily average of 87,000 in the past three days, according to exchange data.

Joshi resigned from Infosys, according to a company statement. He headed the global financial services, healthcare and software businesses at Infosys, a company he had joined in 2000. 

Infosys said Joshi will be on leave effective March 11, and his last date in the company will be June 9, 2023. Joshi joined Infosys in 2000, having worked with companies such as ABN AMRO and ANZ Grindlays previously. 

In January, Tech Mahindra had extended the term tenure of CEO Gurnani till December 19, 2023 as it devised a succession plan at the top helm. He has the CEO of Tech Mahindra since June 2009.

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, vist Zeebiz.com.