Indian shares fall as Infosys plunges after surprise CEO exit

Indian shares snapped three-day gains on Friday, dragged lower by index heavyweight Infosys after Vishal Sikka resigned as its chief executive officer.

sensex
Brokers trade at their computer terminals at a stock brokerage firm in Mumbai, India. (SOURCE:REUTERS) Reuters

Indian shares snapped three-day gains on Friday, dragged lower by index heavyweight Infosys after Vishal Sikka resigned as its chief executive officer.

The S&P BSE Sensex lost 0.85 percent at 31,524 while the broader NSE Nifty dropped 0.67 at 9,837. Both the indexes posted gains of over 1 percent for the week.

Infosys, the country's second-largest Indian IT services firm, fell as much as 13.4 percent to a more than one-month low of Rs 884.

In a surprise announcement, Sikka resigned as CEO citing a stream of distractions and disruptions in recent months.

Sikka has been appointed as executive vice chairman in a newly created position, Infosys said in a statement on Friday morning.

Among the other top index losers: Sun Pharma declined 3.8 percent, NTPC fell 2 percent, Coal India lost 1.5 percent while HDFC was down 1.6 percent.

S&P BSE Information Technology index dropped 3.5 percent and was among the top sectoral losers.

Market breadth was in the favour of losers, with about 2 stocks declining to every 1 stock that advanced.

Most of the Asian markets fell, tracking losses in Wall Street overnight as worries grew over U.S. President Donald Trump's ability to push through his economic agenda.

Meanwhile, heightened terror fears after at least 13 people died when a van plowed into pedestrians in Barcelona further tempered risk appetite.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5 percent.

sensex
Brokers trade at their computer terminals at a stock brokerage firm in Mumbai, India. (SOURCE:REUTERS) Reuters

Indian shares snapped three-day gains on Friday, dragged lower by index heavyweight Infosys after Vishal Sikka resigned as its chief executive officer.

The S&P BSE Sensex lost 0.85 percent at 31,524 while the broader NSE Nifty dropped 0.67 at 9,837. Both the indexes posted gains of over 1 percent for the week.

Infosys, the country's second-largest Indian IT services firm, fell as much as 13.4 percent to a more than one-month low of Rs 884.

In a surprise announcement, Sikka resigned as CEO citing a stream of distractions and disruptions in recent months.

Sikka has been appointed as executive vice chairman in a newly created position, Infosys said in a statement on Friday morning.

Among the other top index losers: Sun Pharma declined 3.8 percent, NTPC fell 2 percent, Coal India lost 1.5 percent while HDFC was down 1.6 percent.

S&P BSE Information Technology index dropped 3.5 percent and was among the top sectoral losers.

Market breadth was in the favour of losers, with about 2 stocks declining to every 1 stock that advanced.

Most of the Asian markets fell, tracking losses in Wall Street overnight as worries grew over U.S. President Donald Trump's ability to push through his economic agenda.

Meanwhile, heightened terror fears after at least 13 people died when a van plowed into pedestrians in Barcelona further tempered risk appetite.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5 percent.

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