After making a weak opening, the stock of the IT major further tanked 7.63 percent to Rs 2,930.10 on the BSE.
At the NSE, it tumbled 7.66 percent to Rs 2,930.
The IT bellwether stock was the top loser among the 30- blue-chips on the BSE 30-scrip index, Sensex.
Fall in the scrip was also instrumental in sending the benchmark index Sensex down by 158.77 points to 24,397.32 at 12:25 pm.
This is the tenth top-level exit from the Bangalore-based company since the return of co-founder NR Narayana Murthy at the helm of affairs in June last year.
Neither Srinivas nor the firm gave reasons for the sudden move, which outsiders like former Infosys CFO V Balakrishnan felt was because he may have lost out in the race for the top job.
Balakrishnan - who himself was considered a candidate while serving his tenure at Infosys said, "I think, he (Srinivas) would have resigned as he might have come to know that he is no more in the race for CEO."
Srinivas, who was Infosys' highest-paid executive (annual compensation of Rs 7.52 crore in 2013-14 fiscal), led key portfolios like financial services, manufacturing and public services. His resignation will be effective June 10.
Infosys in a statement on Wednesday said, "The Board of Directors placed on record their deep sense of appreciation for the services rendered by BG Srinivas during his tenure as Member of the Board and for his contribution to the company."


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