Sensex falls more than 150 points; Infosys tanks more than 7%

Written by Agencies | Mumbai | Updated: May 29 2014, 17:24pm hrs
BSE SensexInfosys shares of plunge after the company announced the resignation of board member and President B G Srinivas who was considered among the top contenders for CEO post.
The BSE Sensex falls 0.69 percent, while the broader Nifty is lower 0.56 percent.

If sustained until the close, it would mark the Nifty's third losing session over the previous four as shares have retreated from a record high hit on May 16.

Foreign investors sold Indian shares worth 2.87 billion rupees ($48.8 million) on Wednesday, as per provisional exchange data, extending their selling streak to a third consecutive day, marking a cumulative sales of $90.6 million in that period.

Infosys Ltd falls 7.4 percent after its president and board member B.G. Srinivas, seen by some investors as a candidate to take over as CEO, resigned, becoming the latest senior manager to leave the company.

A stronger rupee is hitting other software services exporters. Wipro Ltd falls 1.9 percent.

Hero MotoCorp

falls 2 percent after its January-March profit adjusted for other income lagged some analysts' estimates.

Markets: Early trade

The benchmark BSE Sensex declined by nearly 78 points in early trade today as several stocks suffered losses on selling by funds and retail investors ahead of monthly expiry in the derivatives segment.

The 30-share barometer, which had gained 6.58 points in yesterday's choppy trade, moved down by 77.78 points, or 0.32 per cent, to 24,478.31 with IT, auto, PSUs, metal and banking stocks leading the fall.

Also, the National Stock Exchange index Nifty shed 13.25 points, or 0.18 per cent, to 7,316.40.

Brokers said offloading of positions by foreign funds and retail investors on the last session of May's expiry in the derivatives segment and mixed cues from other Asian markets influenced the trading sentiments.

Shares of Infosys plunged 6.10 per cent to Rs 2,978.75 after the company yesterday announced the resignation of board member and President B G Srinivas who was considered among the top contenders for the first non-founder CEO post.

Among other Asian markets, Japan's Nikkei fell 0.58 per cent, while Hong Kong's Hang Seng was trading 0.22 per cent higher in early trade.

The US Dow Jones Industrial Average ended 0.25 per cent down in yesterday's trade.