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Vishal Sikka resigns as Infosys CEO; firm's shares slide by over 10 per cent
In a surprising move, Vishal Sikka, the CEO of Infosys resigned form the position of the CEO and Managing Director of the company on Friday.

Sikka has now been appointed as the Executive Vice Chairman for Infosys and is expected to serve till the company finds a permanent CEO. As of now, UB Pravin Rao will serve as interim replacement for Sikka. The company has also fixed March 31 as the deadline for appointing the new CEO.

Though Sikka has claimed that he is resigning because of "personal attacks", but a statement issued by Infosys Board suggested that Sikka's resignation might have come as a result of his ongoing tussle with Narayan Murthy, the co-founder of Infosys.

The Board has accepted his resignation and has reported that Sikka will continue to focus on strategic initiatives, key customer relationships and technology development. The company also issued a statement saying that Sikka will report to the company's Board.

In his resignation letter, Sikka cited personal and malicious attacks as the reason behind his resigning from the posts.

"Over the last many months and quarters, we have all been besieged by false, baseless, malicious and increasingly personal attacks," Sikka wrote.

"This continuous drumbeat of distractions and negativity over the last several months/quarters, inhibits our ability to make positive change and stay focused on value creation," added Sikka.

"I was, and remain, passionate about the massive transformation opportunity for this company and industry, but we all need to allow the company to move beyond the noise and distractions," Sikka added in his letter.

The tussle between Vishal Sikka and Narayan Murthy is a well known one with Murthy attacking Sikka for taking a massive pay check despite the company not performing well financially.

The decision had an impact on the stocks of the company as well. As Sikka's resignation came to light, the company's shares came down by a whopping 10.8 per cent, the steepest decline in the last four years. As news of Sikka's resignation broke, investors lost over Rs 26,000 crore market capitalisation.

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