Infosys' CFO departure creates overhang, says brokerage

The stepping down of Infosys Chief Financial Officer V Balakrishnan will create an overhang, brokerage firm Susquehanna Financial Group said. "The departure of a well-regarded CFO comes as a disappointment," the brokerage said in a report.

Infosys announced on Friday that Balakrishnan was making way for Rajeev Bansal, who will take over as CFO in November.



"EPS was in line, revenue just light, margins soft," the brokerage said about Infosys' second-quarter performance. Shares of Infosys ended 5.4% lower on Friday to close at Rs 2395.65 on BSE.

Balakrishnan worked closely with Mohandas Pai, who was CFO before him, in two of the biggest milestones in the company's history-taking it public in India in 1993 and its overseas listing through ADRs in 1999.

Balakrishnan will continue on the Infosys board. He currently has responsibility for Infosys' BPO business and Finacle, its core-banking product.