Infosys pledges probe as shares tank |
Indian IT major Infosys on Tuesday registered its biggest fall in over six years on Dalal Street after a letter by anonymous employees surfaced, accusing Chief Executive Officer Salil Parekh and Chief Financial Officer Nilanjan Roy of unethical practices for several quarters. The scrip tanked 16.21 percent to trade at Rs 643.30 trade against the previous close of Rs 767.75. It hit an intra¬day low of Rs 638.30. Prior to this fall, the biggest fall of 21.33 percent was registered on April 12, 2013. The selloff wiped off Rs 44,000 crore from the stock`s market ¬capitalisation. This was the 16th time the stock has tanked in double¬ digit in a single day since January 2000. The domestic equity market was closed on Monday for Maharashtra state elections. But the company`s American Depository Receipts (ADRs) listed on the New York Stock Exchange fell over 15 percent in overnight trade. Infosys on Tuesday clarified to the exchanges and said the whistleblower complaint has been placed before the audit committee as per the company`s practice, and it would be dealt with in accordance with the company`s whistleblower policy.
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