Infosys Q2 results inline, CFO to resign; stock slips 8%

India's second largest software services exporter  Infosys ' net profit rose by 3.5 percent quarter-on-quarter to Rs 2,369 crore - largely in-line with expectations - in the second quarter of FY13.

Revenues went up by 2.52 percent to Rs 9,858 crore in the quarter ended September 2012 from Rs 9,616 crore in the previous quarter.

Revenues (in dollar terms) increased 2.6 percent to USD 1.797 billion from USD 1.752 billion during the same period.

CFO V Balakrishnan will give up its position with effect from October 31, but he will continue to be a board member.

Rajiv Bansal, who is currently a VP - Finance, will become new CFO.

At 09:16 hrs Infosys was quoting at Rs 2,332, down Rs 199.45, or 7.88%. It has touched an intraday high of Rs 2,390 and an intraday low of Rs 2,317.
 
It was trading with volumes of 75,918 shares. In the previous trading session, the share closed up 1.09% or Rs 27.20 at Rs 2,531.45.

However, yesterday the Infosys ADR was ended up 2.88% at USD 48.22.

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