August 20, 2018 / 4:23 AM / a month ago

BUZZ-India's Infosys falls after CFO exit

** Shares of India’s second largest software services exporter, Infosys Ltd, fall as much as 3.97 pct to 1,373.5 rupees, in biggest pct loss since July 5

** Board accepted resignation of CFO M.D. Ranganath on Saturday, and he will continue as CFO till Nov. 16 this year, Infosys said

** Ranganath’s resignation comes exactly a year after former chief executive Vishal Sikka quit following a feud with founders

** “Concerns around exits from the senior management team will remain an overhang,” Morgan Stanley writes, downgrades to ‘equal-weight’ from ‘overweight’

** “In the short term, the market could react negatively, particularly given strong performance YTD. However, in the medium/long-term, we expect stock performance will depend on growth,” - Citi; rating ‘neutral’ with PT of 1,315 rupees

** 25 of 35 brokerages rate the stock “buy” or higher, eight “hold” and three “sell” or lower; their median PT is 1,411 rupees

** Up to Friday’s close, stock had risen 41.2 pct since Aug 17, after Sikka quit

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