INSUBCONTINENT EXCLUSIVE:
Infosys shares nosedived nearly 16 per cent on Tuesday in their worst single-day drop in over six
years, a day after India's second largest IT services company said it had received anonymous whistleblower complaints alleging certain
In the complaint, whistleblowers accused Infosys CEO Salil Parekh of leading an effort to shore up profits through irregular accounting
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
Here are 10 things to know about this big story:On the Bombay Stock Exchange (BSE), Infosys shares opened 10 per cent lower
at Rs 645.35 apiece, and plunged to as low as Rs 645.35 in the first few minutes of trade, down 15.94 per cent compared to their previous
close.The Infosys shares fell as much as 60 per cent to Rs 645.00 apiece on the National Stock Exchange (NSE) at the lowest level in
released on Tuesday morning, Infosys Chairman Nandan Nilekani said the two anonymous complaints have been placed before the company's
Audit Committee on October 10, 2019 and the non-executive members of the board on October 11, 2019."These Complaints are being dealt with in
an objective manner," Mr Nilekani said.One of the complaints "largely deals with allegations relating to the CEO's international travel to
in these investigations.The audit committee has retained the law firm of Shardul Amarchand Mangaldas - Co
to conduct an independent investigation, and the company's board will take appropriate steps based on the outcome of the investigation, Mr
Nilekani said.The allegations come just two years after India's No
2 software services firm endured a shake-up that saw its top boss Vishal Sikka leave the company.At 9:47 am, Infosys shares traded 12.86 per
cent lower at Rs 669.05 apiece on the BSE, sharply underperforming the benchmark Sensex index which was down 0.10 per cent amid volatile
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