Zensar Tech CFO resigns with immediate effect

Zensar Technologies, the IT services company from the RPG Group, said its chief financial officer Manoj Jaiswal resigned with immediate effect.

“He will be relieved from his duties with effect from the closing of business hours on Dec 4,” the company said.

It was not clear why the CFO resigned abruptly.

Zensar Technologies also said it is in the process of selecting and appointing a new CFO.

Zensar Technologies is among the smaller IT services companies in India.

Being heavily focused on pure services, the company is among a raft of mid-sized Indian IT firms which are expected to find the going tough in the future due to the shift to cloud services.

On the other hand, many mid-sized IT companies have shifted away from the generic IT services market, opting to specialize in a niche area.

For the September quarter, the company reported a drop of 36.3 per cent in its net profit and a decline of 2.5 per cent in its sales.