Sikka’s resignation spooked investors in India’s second-biggest IT services company and sent its shares down nearly 10 percent, wiping $3.45 billion off its market value. The stock touched its lowest level since the start of Sikka’s tenure.
The tussle between Infosys and its founders began in February after founder and former chairman Narayana Murthy accused the company of corporate governance lapses.
The Infosys board has denied the allegations repeatedly and on Friday blamed Sikka’s resignation on Murthy’s “continuous assault”, describing the billionaire’s latest salvo questioning the integrity of the directors and management as the final nail in the coffin.
The board said Murthy’s campaign had undermined Sikka’s efforts to transform the business and it had no intention of asking him to play a formal role in the governance of the firm.
