Infosys
Infosys - Avoid
Top Level Exits
Mohit Joshi, President his last date for the company would be June 9, 2023, Infosys said in an exchange filing.
Under Joshi, it reported CAGR of 9 % for the period between FY16-22.
Ravi Kumar S also left the organisation to join CTS
This is second large exit from the company in 3 months. ICICI Securities believe that considering multiple responsibilities that Mohit was handling, the brokerage firm can’t rule out near term vulnerability especially in BFSI , Products space as well as large deal space . “However we do not see long term implications of this event considering second tier leadership already in place at the company,” ICICI Securities said in a note.
Meanwhile, in past one month, the stock has slipped 11 per cent after the closure of open market buyback offer. In comparison, the S&P BSE Sensex was down 5 per cent during the same period.
According to exchange data, Infosys had bought back 60.4 million shares or 1.44 per cent of the total equity capital at an average of Rs 1,539 apiece. The average buyback price was 16.6 per cent below the maximum offer price of Rs 1,850.
In past one year, Infosys has underperformed the market by falling 25 per cent, as against 2.6 per cent rise in the S&P BSE Sensex.
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Date 28 March 2023
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