Amid row over CEO; Infosys shares crash, investors lose Rs 53,000
India's second largest IT services company Infosys was the biggest loser in the Sensex pack, plummeting 16.21 per cent.
Mumbai: Erasing investors' wealth worth nearly Rs. 53,000 crores, Infosys shares crashed by more than 16 per cent on Tuesday in their worst single-day drop in over six years.
India's second largest IT services company Infosys was the biggest loser in the Sensex pack, plummeting 16.21 per cent after an anonymous group claiming to be employees of the firm on Monday placed a whistleblower complaint to the company's board, accusing CEO Salil Parekh and CFO Nilanjan Roy of indulging in unethical practices to boost short-term revenue and profits.
The allegations come only two years after the IT major saw an overhaul when the then company chief Vishal Sikka was made leave the company.
The complaints "have been placed before the Audit Committee as per the Company's practice and will be dealt with in accordance with the Company's whistleblower policy", Infosys said in a regulatory filing on Monday.
Infosys' market capitalisation (m-cap) stood at Rs. 2.74 lakh crore on Tuesday, as against Rs. 3.27 lakh crore in the previous session.
Infosys shares crashed as much as 16.86 on the BSE Sensex before ending at Rs 643.30 on Tuedsay, down 16.21 against the previous close. The scrip settled 16.65 per cent lower at Rs 640 on the NSE Nifty.
(With PTI Inputs)