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Bloomberg
Infosys Ltd dragged India stocks lower after an anonymous whistle-blower complaint alleged the software exporter used irregular practices to shore up profits.
The S&P BSE Sensex declined 0.9% to 38,963.84 in Mumbai. The NSE Nifty 50 Index slipped 0.6%. Infosys sank 16%, weighing the most on both gauges and offsetting post-earning gains in HDFC Bank Ltd and Reliance Industries Ltd. This is the sharpest decline for the software exporter since April 2013, data compiled by Bloomberg show.
Infosys Ltd plunged after a letter addressed to company’s board and published by the Deccan Herald newspaper charged the company CEO Salil Parekh of “unethical practices†in recent quarters to boost “short term revenues and profits.â€
The company, to ensure independence in investigations, has recused the company’s CEO and CFO from the matter, Infosys Chairman Nandan Nilekani said in a statement to stock exchanges.