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An Infosys logo is pictured on one of the company's office buildings at their IT campus at Electronics City in Bangalore.Reuters file

The stock of Infosys, India's second largest software services exporter, continued to be in freefall mode as it cascaded to a new low on Monday. In the process, it sliced off over Rs 4,100 crore from the company's market capitalisation leaving investors and institutions alike worried.

State-run oil explorer and marketing company ONGC has replaced Infosys to become the tenth most valuable company on BSE with a market capitalisation of Rs 2,02,187.62 crore, from its closing price of Rs 157.55 per share on the Bombay Stock Exchange (BSE) on Monday.

On Monday, the Infosys share closed down 5.37 percent over its previous close to end trading at Rs 873.50 on the BSE on Monday. This is the stock's lowest level since August 8, 2014. On the Nifty, the stock closed at Rs 870.15, or 5.75 percent below its previous close.

In the last two trading sessions, investors in broader terms, have lost over Rs 36,500 crore in market capitalisation after the stock tumbled over 18 percent. The disastrous slide was triggered last Friday after the resignation of the company's CEO and Managing Director Vishal Sikka following operational differences with its founders.

It lead to the company being knocked of its long-held position on India's list of 10 most valued companies by market capitalisation.

On Monday, at the current market price of Rs 873.50, the Infosys stock was capitalised at Rs 2.01 trillion (Rs 2,00,640.07 crore), down from Rs 2.04 trillion (Rs 2,03,832.85 crore) at the conclusion of last week's trading.

The fall of the stock came from the Bengaluru-based IT bellwether's market capitalisation of Rs 2.35 trillion (Rs 2,34,554.78 crore) on Thursday before the furore caused by former CEO Vishal Sikka's resignation broke out on Friday morning. The Infosys stock had closed trade at a price of Rs 1,021.15 per share on the BSE on Thursday.

"Dr Sikka's exit was the biggest risk and with this becoming an eventuality, the company faces a big challenge of filling the leadership vaccum. Dr Sikka had guided the company well at a time when the industry is undergoing a metamorphosis towards newer technologies," said analysts at Antique Stock Broking said in a note, quoted by financial daily Business Standard in a report on Monday.

As of Monday, Reliance Industries Ltd was the country's most valued company (see chart) with a market cap of Rs 5.09 trillion, followed by Tata Consultancy Services Ltd (Rs 4.83 trillion) and HDFC Bank Ltd (Rs 4.49 trillion). ITC Ltd is number four (Rs 3.44 trillion), followed by HDFC Ltd (Rs 2.77 trillion), Hindustan Unilever Ltd (Rs 2.58 trillion), State Bank of India (Rs 2.37 trillion), Maruti Suzuki India Ltd (Rs 2.27 trillion), Oil & Natural Gas Corp. Ltd (Rs 2.02 trillion) and Indian Oil Corp Ltd (Rs 2.01 trillion).

HDFC Securities said that Infosys's 6.5-8.5 percent constant currency (CC) revenue growth guidance for fiscal 2018 (2-3.3 percent CQGR ask rate) is likely to be a tough task now. The brokerage firm said that the discord between the board and the company founders may impact senior management performance. This might increase the risk of top-level attrition, especially recruits from SAP and other companies working out of Infosys' US offices.

The company had on Saturday announced that it would buy back shares worth up to Rs 13,000 crore, or 4.92 percent of its paid-up capital, from investors at Rs 1,150 per share.