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.
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BEST bus catches fire on Mumbai's Western Express Highway, all passengers safe
Mumbai (PTI): A bus operated by the Brihanmumbai Electric Supply and Transport (BEST) caught fire on the Western Express Highway in Mumbai's Kandivali area on Tuesday night, officials said.
Nobody was injured in the incident and all passengers were rescued safely, an official said.
"The blaze erupted in the CNG-run bus of the BEST near Sai Dham temple in Kandivali east. All passengers were safely evacuated and nobody was injured," he said.
Personnel of the police department and fire brigade were alerted, following which they rushed to the spot and launched a firefighting operation, he said.
As per the preliminary information, the fire started in the engine section of the vehicle.
Due to the incident, traffic on the Western Express Highway was disrupted for some time and vehicles were asked to use an alternative route, the official said.
