Infosys continues to reel after CEO exit, Sensex little changed

Indian shares were little changed in lacklustre trade on Monday as gains in metal stocks such as Vedanta on the back of a price rally in London offset an extended slump in market heavyweight Infosys.

Infosys shed as much as 4.56 per cent following Friday's about 10 per cent plunge after Vishal Sikka resigned as the chief executive and managing director on the back of a fall-out with the company's founders. Multiple brokerages, including Nomura, downgraded the stock.

"Difficult to gauge when Infosys shares will see a recovery," said Pankaj Kapoor, executive director of India IT services and software equity research at JM Financial Institutional Securities.

"There are too many uncertainties surrounding the company now."

The broader NSE Nifty was up 0.04 per cent at 9,841.6 as of 0615 GMT, while the benchmark BSE Sensex was down 0.02 per cent higher at 31,517.80.

The Nifty Metal index rose over 2 per cent with Vedanta rising as much as 2.7 per cent and Hindalco Industries gaining up to 2.8 per cent.

London Metal Exchange (LME) zinc rose about 1 per cent to its highest in almost a decade, while copper rose as much as 0.6 per cent.

Meanwhile, shares of Infosys' rivals advanced. Tata Consultancy Services rose 1.2 per cent after gaining 1.1 per cent on Friday.