Infosys shares rebound as Nilekani set to return - reports
The stock has gained 4.8 per cent in the last three sessions after hitting a more than three-year low on Monday. Photograph: (Reuters)
In a move that could end the bitter acrimony witnessed after Vishal Sikka's exit, Infosys co-founder Nandan Nilekani is set for a return.
According to a report in The Times of India, Nilekani will come onboard as non-executive chairman to achieve a set of predetermined goals.
The Infosys board has been locked in bitter dispute with the company's founders led by N R Narayana Murthy.
The board has blamed Murthy for the exit of Sikka.
Murthy has been highlighting the falling governance standards at India's second largest IT firm.
Sikka resigned as the chief executive officer (CEO) of Infosys last week confirming speculations that all is not well within the technology giant.
Nilekani served as the CEO of Infosys from 2002 to 2007. He and his family own about 2.3 per cent of Infosys, a report in Reuters said.
The news of Nilekani's return led to a surge in stock price of Infosys for a third staraight day.
(With inputs from Reuters)