Udayavni Special

Infosys plunges 16 pc on whistleblower complaint


PTI, Oct 22, 2019, 12:00 PM IST

New Delhi: IT services firm Infosys on Tuesday plummeted 16 per cent on concerns over a whistleblower complaint which alleges that two of the company’s top executives were indulging in unethical practices to increase short-term revenue and profits.

The scrip plunged 15.94 per cent to Rs 645.35 on the BSE.

On the NSE, it tanked 15.99 per cent to Rs 645.

Infosys on Monday had said the whistleblower complaint has been placed before the audit committee as per the company’s practice, and that it will be dealt with in accordance with the company’s whistleblowers policy.

According to reports, the complaint by a group that calls itself “ethical employees” had alleged CEO Salil Parekh and CFO Nilanjan Roy were indulging in “unethical practices” to boost short-term revenue and profits.

“The whistleblower complaint has been placed before the audit committee as per the company’s practice and will be dealt with in accordance with the company’s whistleblowers policy,” Infosys said in a statement.

In a statement on Tuesday, Infosys Chairman Nandan Nilekani said the company’s audit committee will conduct an independent investigation on whistleblower allegations.

The committee began consultation with independent internal auditors EY, and has retained law firm, Shardul Amarchand Mangaldas & Co. to conduct an independent investigation, Nilekani noted in his statement to the stock exchanges.

Top News

Udupi: Highest single day spike of 73 new COVID-19 cases

70% of people want Modi to be PM for another term: BSY

Violence against healthcare personnel unacceptable: PM

PM Modi praises state govt’s efforts in handling COVID crisis

Govt’s locust control policy focuses on chemical spray alone: Farm expert

Swarm has diverted to other states; no need to be afraid of locust attack: B C Patil

China says situation at border with India ‘stable and controllable

Related Articles More

Centre launches micro-credit scheme to provide loans to street vendors

Unlock 1.0: Hotel stocks spike up as Govt lifts curbs on operations from June 8

Mumbai based company,BDR signs pact with Cipla for remdesivir

HC restrains firm from using ‘Devtol’ says it infringes ‘Dettol’ trademark

Discoms can now buy power on exchanges just an hour before delivery

MUST WATCH

Tragedy and chaos: Former MIA director recalls Mangalore Air Crash

Lockdown relaxation: Long queues outside liquor stores in Mangaluru

Indian Coast Guard thank Covid-19 warriors

#WeFeed – Feeding stray animals during lockdown!

Mysuru-origin doctor honoured with parade for her service in treating COVID-19 patients in US

Latest Additions

COVID-19: DK reports 4 new cases, tally rises to 137

Centre launches micro-credit scheme to provide loans to street vendors

14 fresh cases in Kasargod; COVID-19 tally touches 1326 in Kerala

Modi is an “indispensable” leader: Shiv sena

12 dead, 21 injured as van with migrant workers from India collides with truck in Nepal

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.