Shares of Infosys on Tuesday slumped by over 1.40 per cent during intra-day trade as investor sentiment was affected by the resignation of chief financial officer (CFO) Nilanjan Roy. However, the stock recovered from its lows and ended with cuts of up to 0.84 per cent.

In a late evening disclosure on Monday, Infosys had said that Roy has decided to step down to pursue his personal aspirations outside the company.

It announced the appointment of current deputy CFO Jayesh Sanghrajka as the CFO and key managerial personnel. Sanghrajka will take over the new responsibility from April 1, while Roy will continue to be with Infosys till March 31 as CFO.

The Infosys share opened in the red at Rs 1,475 on the BSE. It subsequently hit an intra-day low of Rs 1,467.50, a fall of 1.42 per cent over the last close of Rs 1,488.60.

The counter partly bounced back from these lows to close at Rs 1,476, a drop of 0.85 per cent, or Rs 12.60.

On the NSE, the counter struck a low of Rs 1,467.65 after opening at Rs 1,477.50. It later ended at Rs 1,476, marking a fall of 0.84 per cent.

Morgan Stanley said Roy’s surprise exit could weigh on the stock. But from the long-term perspective, the transition will be a smooth one.

Observers said the resignations of top officials adversely impacts share prices the following day.

Subsequently, the trend is determined by overall market movements and other factors that include the industry’s or the global economy’s performance

In March this year, Mohit Joshi, president of Infosys, had quit to join Tech Mahindra as its MD & CEO. In October last year, president Ravi Kumar, who was leading Infosys’ localisation strategy in the US, quit to join Cognizant.