Diabytes
Infosys shares News
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Chairman Nandan Nilekani earned Rs 175 crore from his 4 crore shares, while co-founder Narayana Murthy received Rs 65 crore from 1.5 crore shares.
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Stock Market Today: Among the top gainers were Shriram Finance, Bajaj Finserv, HCL Technologies, Wipro, and Infosys, which supported the indices amid cautious trading.
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The trading in Infosys shares started sharply higher at Rs 1487.70 against its previous day`s close at Rs 1419.75.
Infosys shares have rallied after the announcement of the Q2 results.
Infosys announced its financial results on Thursday after close of the stock market trading for the day.
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The shares were bought back at a volume-weighted average price of Rs 1,648.53 per equity share.
The highest price at which the equity shares were bought back was Rs 1,750.
Infosys board had approved an up to Rs 9,200 crore buyback plan.
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Shares of the company today opened on a weak note and fell to an intra-day low of Rs 1,099, down 5.98 percent from its previous closing price.
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SES explained that Murthy was able to get "his people" appointed on the Board, forcing exit of other directors.
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The Bengaluru-based firm has been in the eye of a storm over the past few months, with the two sides clashing over allegations such as corporate governance lapses and irregularities in Infosys' USD 200-million Panaya acquisition.
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He will continue to hold the position of interim-CEO and MD for a maximum of five years, or until a new CEO and MD is appointed, Infosys said in its postal ballot.
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Co-founder Nandan Nilekani has returned to the company for a second innings, this time as non-executive Chairman in a Board-level shake-up that saw the exit of Chairman R Seshasayee along with two independent members.
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The founders, led by N R Narayana Murthy, had alleged corporate governance lapses at the country's second-largest software services firm.
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The stock jumped 3.14 per cent to close at Rs 941.15 on the BSE. During the day, it went up 4.49 per cent to Rs 953.50.
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The new Chairman of Infosys told investors on Friday his priorities were to find a CEO, reconstitute the board and shape future strategy.
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Sikka's resignation as CEO last week escalated the tensions between the founders and the management of India's second largest software company. He was then named Vice- Chairman.
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The company said in a statement, read out by Nilekani, that the Board is focused on the future, consistent with the commitment to good governance.
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On the National Stock Exchange (NSE), the stock closed 2.09 per cent higher at Rs 911.50. During the day, the scrip had touched a high of Rs 918.25 and a low of Rs 902.35.
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Infosys' market valuation touched Rs 2,00,617 crore, while that of Indian Oil Corporation was marginally higher at Rs 2,00,645.9 crore at the closing on the NSE.
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The board, which has blamed co-founder N R Narayana Murthy for the CEO's resignation, has said it will find a replacement by March 31, 2018.
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The board of the embattled company - which saw its CEO Vishal Sikka step down on Friday amid founders alleging corporate governance lapses - is scheduled to meet tomorrow to consider the buyback proposal.
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Following the announcement, the stock fell to Rs 958.00, registering a fall of 6.62 percent over its previous closing price on the BSE.
Shares of IT major Infosys on Friday fell by over 5 percent after the company slashed its revenue guidance for the second time this year due to its recent performance and "near-term uncertain business outlook".
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