Shares of Infosys fell nearly 13 percent to close at Rs. 923.50, about 10 percent lower than the previous session’s closing, due to Infosys chief executive Vishal Sikka’s resignation, which sent the stock tumbling. But at the same time, Indian indexes were headed for their sixth weekly gain in seven, although they remain below the record highs hit on 2 August. Infosys’ rivals TCS and Tech Mahindra gained, rising over 2.5% each. Banking sector shares have also been big drag on the indexes.
August 18, Friday can be seen as a very poor day for the markets as the major indices Sensex and Nifty could not even touch their previous closing level. The Sensex closed down by 270.78 pts at 31,524.68, while the Nifty also lower by 66.75 pts at 9,837.40. With the negative breadth floating on market, 1,003 shares advanced, against a decline of 1,527 shares and 124 shares were unaffected. Bharti Airtel, HUL and BPCL gained the most on Sensex and Nifty, while Infosys and Sun Pharma lost the most.
