"Very recently I notified the board of a personal relationship with a colleague. Following a detailed review by the board, I recognise that there have been some shortcomings of judgment on my part and my actions have fallen short of the high standards expected of RS leadership," Egan said in a statement.

Shares of the company were down 4% in early trade. RS said there was no change to the profit expectations for the company.

(Reporting by Radhika Anilkumar in Bengaluru; Editing by Nivedita Bhattacharjee)