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Infosys shares slip after Narayana Murthy slams COO’s pay hike

SNS | New Delhi |

Infosys shares were trading with declines in the late morning trade on Monday after fresh row erupted between the company founders and the Board over the pay hike to Chief Operating Officer (COO) UB Pravin Rao.

The shares were trading Rs.13.25 or 1.25 per cent down at Rs.1007.55 at the Bombay Stock Exchange. At the National Stock Exchange (NSE), it was trading Rs.13.45 or 1.32 per cent down at Rs.1008.80.

Infosys founder NR Narayana Murthy on Sunday said that the compensation hike to COO UB Pravin Rao approved by the board in February was not “proper” and “will likely erode the trust and faith of the employees in the management and the board”.

“The impact of such a decision will likely erode the trust and faith of the employees in the management and the board,” he added.

The pay-hike was approved with 67 per cent of votes. Thirty-three per cent voted against the hike.

(With inputs from agencies)