Narayana Murthy’s Interaction With Infosys Investors Postponed

Murthy is going to tell his version of Infosys’ boardroom battle that led to the Vishal Sikka’s exit.

NR Narayana Murthy. 

(Photo: Reuters)

Infosys founder NR Narayana Murthy’s interaction with investors has been postponed to next Tuesday, said a Livemint report.

Murthy, on Wednesday, was to share his version of the software major's boardroom battles that led to the exit of its technocrat Vishal Sikka as CEO.

Investors from Britain, Hong Kong, India, Singapore and the US were to join the con-call by pre-registering with the facilitator and dialling the given numbers.

Also Read: Sikka, Weak Board or Murthy – Who’s to Blame for Infosys Mess?

Though the 70-year-old Murthy declined to respond to the company's Board charge that his continuous attacks led to Sikka's exit, he decided to explain his stand on the tussle to restore investors' confidence in the iconic IT major.

"I have read the statement issued by the Infosys Board of Directors. I am anguished by the allegations, tone and tenor of its statements," said Murthy in an e-mail to the media on Friday, adding it was below his dignity to respond to such insinuations.

The promoters group, led by Murthy, holds 12.92 percent of the equity shares, Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs) 37.33 percent, Indian retail, corporate and other investors 23.08 percent, Indian FIs, Banks and Mutual Funds 9.63 percent, American Depository Receipts (ADRs) 16.69 percent and Non-Resident Indians (NRIs) 0.52 percent.

Also Read: Market Losses Mount, Infosys Pulls Down Sensex

Following Sikka's abrupt exit as the firm's first non-founder executive, the company's shares of Rs 5 face value took a heavy toll, losing 15 percent since Friday and slipped to 11th from BSE's top 10 most valued firms, with its market capitalisation declining a whopping Rs 33,912 crore to Rs 2,01,479 crore from Rs 235,390 crore in the last three trading days since 18 August.

The Board's announcement on Saturday to buy back 11.3-crore shares at Rs.1,150 each worth Rs13,000 crore ($2 billion) failed to halt the slide.

"Murthy is likely to bare all, explaining his stand to analysts on the values, culture, transparency and corporate governance with which he built the company over three decades till he stepped down in 2014," said a source familiar with the events and developments in the company.

(With inputs from IANS)

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