Stocks

Infosys recovers lost ground; rises over 1%

PTI New Delhi | Updated on October 25, 2019 Published on October 23, 2019

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 ₹651.55 on the BSE. On the NSE, it rose by 1.26 per cent to ₹651.70.

Shares of Infosys on Tuesday plummeted nearly 17 per cent marking their worst intra-day fall in over six years, wiping ₹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.

Read more: Who are these 'Madrasis' and Diva on Infosys’ Board?

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

Published on October 23, 2019
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