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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Hassan: Driver of tipper suffers electric shock, dies on spot as truck touches wire
Hassan: The driver of a tipper reportedly died in Nettekere village of Belur taluk after suffering an electric shock when the vehicle came in contact with electric wire while emptying the sand transported in it.
The deceased driver, Dileep (33) of Hanumanahalli in Holenarasipura taluk, is said to have failed to notice the wire above the vehicle while tipping the sand in the truck. Immediately as the wire touched the tipper, however, Dileep suffered a shock and is said to have died on the spot.
Belur Police, who were informed of the incident, visited the spot and are learned to have held an inspection.
