Shares of information technology major Infosys jumped over 3% during the morning trading session on Wednesday after reports said that former Unique Identification Authority of India chairperson Nandan Nilekani would return as the chief executive officer of the company. However, the IT major’s stock declined later, and was trading 1.59% higher at Rs 889.30 at 2.24 pm.

Nilekani’s return and role in Infosys would be cleared within the next 48 hours, reported CNBC TV-18 citing sources. Nilekani was one of the founding members of Infosys, and its CEO between 2002 and 2007.

The Institutional Investor Advisory Services, a proxy advisory firm, is in favour of Nilekani’s return as a non-executive chairperson. Former Infosys Chief Financial Officer V Balakrishnan also supported Nilekani’s return. “Nandan Nilekani should be made Infosys chairman,” Balakrishnan told CNBC TV-18. “[Current chairperson] Seshasayee and [co-chairperson] Ravi Venkatesan should quit as they have let down shareholders.”