According to sources, corporate executive evaluation specialist Development Dimensions International (DDI), which is assessing internal candidates to succeed incumbent S D Shibulal, who retires by January 2015, interviewed at least six employees other than Srinivas, and might have suggested a rather unexpected name. This, some believe, could be one reason for Srinivas' exit.

Another Infosys president, U B Pravin Rao, was among those DDI interviewed, sources said. The leading internal candidates for the job now include senior vice-presidents Sandeep Dadlani (head of consumer packaged goods, or CPG, and logistics), Sanjay Jalona (head of manufacturing and engineering) and Mohit Joshi (head of financial services).

"At least seven internal candidates have been evaluated for the CEO's post and, just because Srinivas quit, one cannot conclude that the others are also out of the race," said a person in the know of the development who did not wish to be named. "The company has a deep leadership pool and knowing Infosys' DNA, I think an internal candidate still has a good chance," he added.

Despite their holding small portfolios, experts believe the merits of Infosys' insiders lie in their youth. They could bring fresh ideas to the table, which the company needs. Also, Infosys' co-founder and executive chairman N R Narayana Murthy, scheduled to stay on until 2018, will help any internal candidate till he is ready to manage the company on his own, experts say.

"They frankly do not have any external candidate for the CEO's post. The names doing the rounds are of people who have worked for product companies. There is a huge difference in operating a services company and a product firm. They may be vetting external candidates, but there are no real options," said a source in the know who did not wish to be named.

Industry experts also point to the fact that global infotech firms prefer internal candidates for the top job. Though there were several names floating around at Microsoft, insider Satya Nadella was chosen.

"We expect the Infosys board to consider a young leader with a longer stint as CEO. The presence of Murthy will help in seamless transition," Senior Research Analyst Shashi Bhushan of Prabhudas Lilladher said in a note. "The selection of CEO from within might trigger a few more exits. However, there would be no change in the current culture and modus operandi of the company," he added.

Sources also confirmed that the company might announce the new CEO in the next three to four weeks. "I think the company needs to make up its mind. Whether it is an internal or an external candidate is secondary. They need a candidate who can open doors for them at the client end," said Sudin Apte, research director & CEO, Offshore Insights, an IT research firm.

Dadlani, among Infosys' top internal candidates, manages more than 100 clients and over $1 billion worth of business, besides leading a team of over 15,000. He has 17 years of experience in operations, consulting, business development and product management.

The other key candidate, Jalona, leads one of the fastest growing segments at Infosys, responsible for over 20 per cent of the company's business, according to his profile on Infosys' website. He is responsible for defining and implementing strategy, setting vision and managing overall operations for manufacturing and engineering services.

Joshi, another frontrunner, has expertise in financial services and technology. Joshi was selected a Young Global Leader by the World Economic Forum, Davos, in 2014. He joined Infosys in 2000 and was instrumental in setting up the company's first subsidiary in Latin America.

"Looking at the history of Infosys, the first preference could be given to an internal candidate," said Manish Bahl, vice-president at Forrester Research, a technology research firm. "But I believe Infosys needs an external guy, as he would bring in a fresh perspective."

Several experts believe that with Murthy at the helm, an external candidate might not have much room to bring about significant changes, whereas an internal candidate could work better under his guidance.

"Those calling for an external CEO believe Infosys needs fundamental change - a shake-up - that only an outsider can trigger. However, outside CEOs generally come with much higher risks and more often fail to lift performance sustainably. Infosys is an extremely inward-focused organisation with an elitist mindset that has little experience with hiring external candidates. Any external candidate with a strong track record of success will have a hard time and additionally demand a huge premium and severance package," said Peter Schumacher, founder of Germany-based Value Leadership Group.