Shares of Tata Steel rose up to 1.3% on Thursday but pared gains to to close 0.12% lower at Rs 686.85.
The stock has declined 19% since April when it touched a 52-week high of Rs 950.
Since Sikka announced his exit, shares of Infosys have slumped 10% despite some recovery.
Infy’s ADR surged 1.4% after Nilekani’s appointment as non-executive chair on Thursday.
According to analysts, though the deal with Apple is a much-awaited event for the company, the upside for the stock will be capped.
The stock currently trades at price-to-earnings ratio of 20 times its FY18 estimated earnings.
Some analysts suggested that investors willing to overlook the subdued outlook.
Shares of Rashtriya Chemicals and Fertilizers closed 10 per cent higher at Rs 97.
Brokerage firms CLSA, Credit Suisse and Deutsche Bank downgraded ratings on the stock.
RBI has left the repo rate unchanged at 6.25% in the last four policies citing risks to inflation.
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