Stocks

Infosys shares up over 1 per cent

PTI New Delhi | Updated on December 18, 2019 Published on December 18, 2019

File photo   -  Reuters

Shares of Infosys on Wednesday rose over 1 per cent and was one of the top gainers in the Sensex pack.

The stock was trading 0.78 per cent higher at Rs 735 on the Bombay Stock Exchange (BSE). It rose as much as 1.09 per cent to Rs 737.25.

On the National Stock Exchange (NSE), the stock touched a high of Rs 737.30, up 1.04 per cent over the previous close, and later on was trading 0.72 per cent higher at Rs 734.95.

On Wednesday, the IT major informed Indian stock exchanges that it has reached a settlement with California Attorney General.

Infosys will pay California USD 800,000 to resolve allegations that, between 2006 and 2017, approximately 500 Infosys employees were working in the state on Infosys-sponsored B-1 visas rather than H-1B visas, California Attorney General Xavier Becerra said.

In the regulatory filing, Infosys said the case is being dismissed with prejudice and was reached to avoid the time, expense, and distraction of protracted litigation on allegations dating back more than 13 years.

Published on December 18, 2019
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