IT company HCl Infosystems' Managing Director and CEO Harshavardhan Madhav Chitale has resigned from the company. He will remain with the company till this month-end and Director and Executive Vice-Chairman of HCl Infosystems Premkumar Seshadri will take charge as MD, the company informed stock exchanges on Monday.
"Harshavardhan Madhav Chitale has resigned as Managing Director & CEO and as Director of the company with effect from close of business hours on December 31, 2014. The Board has in its meeting held on December 8, 2014, approved his resignation," the regulatory filing said.
Premkumar Seshadri, the Director and Executive Vice-Chairman has been appointed as Managing Director of the Company w.E.F. January 1, 2015, it said.
His designation will be 'Executive Vice-Chairman & Managing Director', the company said.
The development had a negative impact on the company's shares as they plunged over 7 per cent.
The company's stock tumbled 7.02 per cent to settle at Rs60.25 on the BSE. During the day, it slumped 9.95 per cent to Rs58.35. At the NSE, it slipped 7.58 per cent to end at Rs59.75.
Following the dip in the stock, the company's market valuation fell by Rs101.09 crore to Rs1,342.91 crore.