India's second largest IT services exporter Infosys Ltd is under pressure to bring in a new chief executive soon to check an exodus of junior staff and reassure investors after a slew of departures at the top. Shares in Infosys, the most widely held Indian stock, fell to their lowest level in nine months on Thursday, the day after it announced president and board member B.G. Srinivas had resigned.The departure of Srinivas, the 10th senior executive to exit in the last year, widens a leadership vacuum at Infosys as it searches for a new chief executive. It also increases the chance the company will break with tradition and hire an outsider for the job, analysts said.Srinivas was widely seen as a frontrunner for the top job among internal candidates after Chief Executive S.D. Shibulal, one of company's seven founders, said in April that he wants to retire by January 2015 at the latest."With his (Srinivas') resignation, the impression is quite clear that the company is going to get an outsider for the job," RK Gupta, managing director of Taurus Asset Management, which owns Infosys shares, told Reuters.
Infosys Limited (Infosys) provides business consulting, technology, engineering and outsourcing services. Shares of INFY fell by 3.33% or $-1.76/share to $51.16. In the past year, the shares have traded as low as $38.91 and as high as $63.20. On average, 1540000 shares of INFY exchange hands on a given day and today's volume is recorded at 3429595.
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