Infosys plunges 16% on whistleblower complaint
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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
"Please come & do vote": FM Nirmala Sitharaman exhorts people to cast ballot
Bengaluru (PTI): Finance Minister Nirmala Sitharaman on Friday exhorted people to vote, saying they should exercise their democratic right despite the soaring mercury.
The Rajya Sabha member from Karnataka cast her ballot at a polling booth in Jayanagar coming under Bangalore South Lok Sabha constituency.
Voting was underway on Friday in 14 Lok Sabha constituencies in the State in the first phase.
“Everyone should come out of their homes and cast their vote. Yes, it can be a hot day for Bengaluru but it is worth coming out. Choose your time, please come and do vote," Sitharaman told reporters.
Many booths reported brisk voting in the first hour of polling as people sought to "beat the heat"
Polling began at 7 am and will end at 6 pm.
A total of 247 candidates -- 226 men and 21 women -- are in the fray for the first phase in 14 segments covering most of the southern and coastal districts, where more than 2.88 crore voters are eligible to exercise their franchise in 30,602 polling stations.
The 14 segments facing polls in the first phase are: Udupi-Chikmagalur, Hassan, Dakshina Kannada, Chitradurga, Tumkur, Mandya, Mysore, Chamarajanagar, Bangalore Rural, Bangalore North, Bangalore Central, Bangalore South, Chikkballapur and Kolar.
There are a total of 2,88,19,342 electors in these constituencies — 1,44,28,099 male, 1,43,88,176 female and 3,067 third gender
