Infosys’s chief financial officer (CFO) Nilanjan Roy resigned on Monday.

Following his resignation, the country’s second largest IT services company said deputy CFO Jayesh Sanghrajka will be the new CFO and key managerial personnel (KMP).

Roy had joined Infosys from Bharti Airtel and was with the IT giant for more than four years.

In a regulatory filing made after market hours, Infosys said that Sanghrajka will don the new role with effect from April 1. Infosys added that Roy has decided to step down to pursue his personal aspirations outside the company. He will continue to be with Infosys till March 31 as CFO.

Sanghrajka, a CA, has spent over 18 years at Infosys across two stints and has performed various leadership roles in the company.

The resignation of Roy, who is seen as Infosys CEO and MD Salil Parekh’s close confidante, comes at a time the domestic IT services industry is facing the challenge of a weak discretionary demand in geographies such as North America. This is expected to show in the October-December quarter as well with firms declaring tepid numbers.

Analysts are of the view that there could be a turnaround sometime next fiscal as central banks cut interest rates in response to inflation meeting their targets.

Infosys was hit by big resignations in March this year when Mohit Joshi, president, quit to join Tech Mahindra as its MD & CEO. Before that another president, Ravi Kumar, quit to join Cognizant.

Infosys had announced a policy to return 75 per cent of its free cash flows to shareholders over five years beginning 2019-20 and it is under pressure to meet this amid the tough environment.

Recently, rival Wipro also saw a senior exit when Stephanie Trautman, chief growth officer, resigned. Wipro had said that Trautman will be relieved from the services of the company with effect from January 31.

TCS, India’s largest IT services firm, also saw a major resignation when CEO and MD Rajesh Gopinathan stepped down on May 31 after submitting his resignation in March.

Shares of Infosys on Monday ended at Rs 1,488.60, a drop of 0.13 per cent over the last close on the BSE.