Shares of Tata Consultancy Services Ltd. ended a volatile day of trade lower after the company's Chief Executive Officer Rajesh Gopinathan tendered his resignation effective September. 

"We wish to inform you that Rajesh Gopinathan has tendered his resignation, which will be effective from the close of business hours on Sept. 15, 2023," TCS said in an exchange filing on Thursday. He will stay on until then to ensure a smooth transition at the helm.

Krithi Krithivasan, president and global head of TCS’s BFSI vertical, has been appointed as the CEO designate, effective March 16. He will go through a transition with Gopinathan and then take over in the next financial year.

Shares of TCS closed 0.18% lower at Rs 3,178.95 apiece on Friday, compared with a 0.67% rise in the benchmark Nifty 50. The stock had moved between a high of Rs 3,220 and a low of Rs 3,144 so far today, versus Rs 3,185 at yesterday's close.

The total traded volume stood at 4.3 times its 30-day average. The relative strength index was at 30.78, implying that the stock may be oversold.

Out of the 49 analysts tracking the company, 22 maintain a 'buy' rating, 15 recommend a 'hold' and 12 suggest a 'sell' on the stock, according to Bloomberg. The 12-month consensus price target implies an upside of 9.75%.