Infosys recovers lost ground; rises over 1 pc

Team Udayavani, Oct 23, 2019, 4:14 PM IST

New Delhi: Shares of Infosys on Wednesday bounced back, rising over 1 per cent, after a massive selloff in the previous session on concerns over a whistleblower complaint against the company’s top executives.

The scrip gained 1.28 per cent to Rs 651.55 on the BSE. On the NSE, it rose by 1.26 per cent to Rs 651.70.

Shares of Infosys on Tuesday plummeted nearly 17 per cent marking their worst intraday fall in over six years, wiping Rs 53,451 crore from its market valuation.

A complaint by a group that calls itself “ethical employees” of Infosys has alleged CEO Salil Parekh and CFO Nilanjan Roy were indulging in “unethical practices” to boost short-term revenue and profits.

The IT services giant on Tuesday said it is investigating the anonymous whistleblowers’ claims.