Just three days after Vishal Sikka resigned as chief executive officer of Infosys, the country’s second-largest software company, went off the list of the top 10 companies by market capitalisation (m-cap) or value on the NSE.
Infosys’ market capitalisation stood at Rs 2,00,617 crore on Monday, compared to Rs 2,12,067 crore on Friday at the closing price of Rs 923.25 on the NSE.
A year ago, Infosys was ranked the fifth most valuable company in the country, with a market value of Rs 2,34,589 crore. Infosys, which fell to the 11th spot on Monday, was replaced by state-run Indian Oil Corporation.
On the day of Sikka's resignation, Infosys lost Rs 22,418 crore of its market value. The stock on Monday closed at its three-year low on NSE, at a price of Rs 873, apiece.
These levels were last seen in August 2014. On Saturday, the Infosys board approved a Rs 13,000-crore share buyback. Despite the lucrative buyback offer at Rs 1,150 a share, it couldn't stop company's stock from plunging; it was down 5.75 per cent on Monday.