Infosys stock takes in its stride exit of Bala

Shares of Infosys Ltd are holding relatively firm, restricting losses to about 2.1 per cent following the exit of its board member and former CFO V. Balakrishnan in the morning trade.

The CNX IT index was down by about 90 points largely because of the Infosys effect, though a good number of mid-size IT stocks were up.

Infosys was down by 2.02 per cent to trade at Rs 3,479.75. The number of shares traded was about 1.06 lakh in the first 30 minutes of trading, indicating that the investors have taken in their stride the exit of Bala, the eighth high profile exit to take place in the company.

But the fact that the stock has had a phenomenal run ever since the return of N.R.Narayanamurthy to the company shows that the latest exit per se will have minimum impact.

Other losers in the CNX IT pack were Tech Mahindra that shed 0.77 per cent to trade at Rs 1,831.70 and TCS which was down by 0.53 per cent to Rs 2,109.40.

But there were many mid-size companies in the CNX IT index that were doing well. Persistent Systems rose 0.13 per cent to trade at Rs 1,009 and eClerx Services gained 0.89 per cent to go up to Rs 1,109. 80. MindTree gained 1.44 per cent to trade at Rs 1,554.10.