Infosys stock jumps 2 per cent despite board-founders differences

NEW DELHI: Shares of Infosyswent up further by nearly 2 per cent on Monday even as differences persisted between the founders and the board over corporate governance issues.

The stock, which has been advancing for the last three sessions, moved up by 1.60 per cent to end at Rs 983.50 on BSE. During the day, it gained 1.75 per cent to Rs 985.

At NSE, it rose 1.65 per cent to close at Rs 984.35.

On the volume front, 4.73 lakh shares of the company were traded on BSE and over 68 lakh changed hands on NSE during the day.

In three days, the stock has gained 5 per cent, adding Rs 10,807.51 crore to Rs 2,25,904.51 crore in its market valuation.

In the briefing that came after market hours, Infosys Chairman R Seshasayee today strongly defended the management’s decision on CEO Vishal Sikka’s compensation and the severance package of former key executives, while emphasising that the board will continue to uphold high standards of governance.

Seshasayee said he has been elected by Infosys shareholders and the board to do a job and that he will continue to do it.

In the press meet, Seshasayee defended various other decisions, including those involving appointment of certain independent directors.

The software major has been in the eye of a storm after some of the founders flagged concerns about governance standards that included issues like hike in Sikka’s compensation and the severance pay given to former executives, Rajiv Bansal and David Kennedy.

source”cnbc”