TCS shares marginally decline in morning trade
In a notice to the stock exchanges, TCS said Rajesh Gopinathan decided to leave the company to pursue other interests. He held the role of CEO for six years.
Shares of Tata Consultancy Services marginally declined in the morning trade on Friday, a day after the IT major announced that its chief Rajesh Gopinathan has put in his papers.
In a notice to the stock exchanges, TCS said Rajesh Gopinathan decided to leave the company to pursue other interests. He held the role of CEO for six years.
The broader market was in the positive territory, with Sensex jumping 246 points amid positive global cues.
On the BSE, the scrip opened at Rs 3,151 after it had closed at Rs 3,184.75 on Thursday. After touching an intra-day high of Rs 3,194, the stock was down 0.62% to Rs 3,165.
The market valuation of TCS, a key constituent of Sensex, stood at Rs 11,58,419.07 crore on the BSE.
On the NSE, the company was down 0.47% to Rs 3,169.90. It had opened at Rs 3,150.50 after ending the day at Rs 3,185 on Thursday.
Gopinathan, who has been at the helm of the country's largest software exporter for six years, has resigned as MD and CEO, nearly four years ahead of the completion of his tenure. He will be replaced by company veteran K Krithivasan. The announcement was made by the company after market hours on Thursday.
The newly appointed CEO K Krithivasan is a TCS veteran having joined the company in 1989. He is presently President and global head of the Banking, Financial Services, and Insurance (BFSI) Business Group at TCS, which is its largest revenue generator.
Rajesh Gopinathan will remain with the company till September 15 to provide the transition and support to his successor K Krithivasan. However, Krithivasan is the CEO Designate with effect from March 16.
“Over the last six years, Rajesh has provided strong leadership as the MD & CEO and has laid the foundation for the next phase of TCS’ growth with significant investments in cloud, agile and automation to help clients accelerate their transformation," said TCS Chairman N Chandrasekaran TCS reported a consolidated revenue of $25.7 billion in the fiscal year ended March 31, 2022 with 3.7 lakh employees globally.
(Additional background information has been added to this PTI copy for context)
Edited by Affirunisa Kankudti
