Shares of Infosys touched a five-month low of Rs 1,419.60 in intraday trade on Tuesday, down 1% on the BSE. The stock was quoted at its lowest level since October 10, 2022.

Shares of Infosys have slumped 4% over the past two days after the company informed the stock exchange on Saturday that its President, Mohit Joshi, had announced his resignation on March 11, 2023.

Infosys said in an exchange filing that Mohit Joshi would be on leave after that, and his last day with the company would be June 9, 2023.

This is the second major exit from the company in three months. ICICI Securities believes that the brokerage cannot rule out near-term vulnerabilities, especially in the BFSI product arena, as well as large trades, given the multiple responsibilities Mohit has taken on.

Mohit Joshi was appointed President in August 2016. His key responsibilities include P&L responsibility for the Financial Services, Insurance, Healthcare and Life Sciences verticals (Infosys totals over $6.5 billion in annual revenue (36% of revenue mix), software products and platform business including Financle, Cobalt, etc. (the company does not disclose revenue mix, but ICICI Securities believes it may exceed $1 billion), sales business and large transactions, etc.

Meanwhile, the stock has fallen 11% over the past month after open market buyback offers closed. That compares with a 5% drop in the S&P BSE Sensex over the same period.

According to exchange data, Infosys bought back 60.4 million shares, or 1.44% of the total share capital, at an average price of Rs 1,539 per share. The average buyback price was 16.6% lower than the highest offer price of Rs 1,850.

Infosys has underperformed the market over the past year, falling 25%, while the S&P BSE Sensex gained 2.6%.