Shares of IT company HCL Infosystems plunged over 7 per cent on Monday after its Managing Director and CEO Harshavardhan Madhav Chitale resigned from the company.

The company's stock tumbled 7.02 per cent to settle at Rs 60.25 on the BSE. During the day, it slumped 9.95 per cent to Rs 58.35.

At the NSE, it slipped 7.58 per cent to end at Rs 59.75. Following the dip in the stock, the company's market valuation fell by Rs 101.09 crore to Rs 1,342.91 crore.

In terms of volume, 9.89 lakh shares of the company changed hands at the BSE, while over 28 lakh shares were traded at the NSE during the day.

Chitale will remain with the company till this month-end and Director and Executive Vice-Chairman of HCL Infosystems Premkumar Seshadri will take charge as MD, the company informed stock exchanges.

"Harshavardhan Madhav Chitale has resigned as Managing Director & CEO and as Director of the company with effect from close of business hours on December 31, 2014. The Board has in its meeting held on December 8, 2014, approved his resignation," the regulatory filing said.

"Premkumar Seshadri, the Director and Executive Vice-Chairman has been appointed as Managing Director of the company w.e.f January 1, 2015," it added.

His designation will be 'Executive Vice-Chairman & Managing Director', the company said.