Shares of India’s second largest software services exporter, Infosys Ltd, fell as much as 3.97 percent to Rs 1,373.5, in biggest percent loss since July 5 after the board accepted resignation of chief financial officer (CFO) M.D. Ranganath on Saturday.

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Ranganath will continue as CFO till November 16 this year, Infosys said. Ranganath’s resignation comes exactly a year after former chief executive Vishal Sikka quit following a feud with founders.

“Concerns around exits from the senior management team will remain an overhang,” Morgan Stanley wrote, downgrading the stock to ‘equal-weight’ from ‘overweight’.

“In the short term, the market could react negatively, particularly given strong performance YTD. However, in the medium/long-term, we expect stock performance will depend on growth,” Citi said, rating the stock ‘neutral’ with a price target of Rs 1,315.

25 of 35 brokerages rate the stock “buy” or higher, eight “hold” and three “sell” or lower; their median price target Rs 1,411.

Up to Friday’s close, stock had risen 41.2 percent since August 17, after Sikka quit.

Shares traded at Rs 1387.15, down by 3.02 percent, Rs 43.20 on the NSE at 1 pm. Nifty IT traded lower by 0.65 percent.

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