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Last Updated : Oct 23, 2019 10:16 AM IST | Source: Moneycontrol.com

Infosys shares rebound after falling 4%

The stock saw a massive loss of 16.21 percent on October 22 after a whistle-blowers' complaint spooked investors, shaving Rs 53,451 crore from its market valuation

 
 
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Shares of Infosys rebounded more than a percent after falling over four percent in early trade on October 23.

The stock saw a massive loss of 16.21 percent on October 22 after a whistle-blowers' complaint spooked investors, shaving Rs 53,451 crore from its market valuation.

Sources told Moneycontrol that market regulator SEBI might look to intervene in the matter. The market regulator may also probe any possibility of insider trading in the stock given the huge build-up in short positions, reports CNBC-TV18 . The audit committee may question former CFO and Deputy CFO with respect to the whistle-blowers' complaints, it added.

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In a statement on October 22, Infosys Chairman Nandan Nilekani said the audit committee will conduct an independent investigation on the whistle-blowers' 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 said in his statement to the stock exchanges.

Unnamed whistle-blowers on behalf of employees wrote to the US-based office of the Whistleblower Protection Program on October 3 alleging wilful misstatement and material accounting irregularities for the last two quarters (April-September).

Shares of Infosys traded 0.93 percent up at Rs 649.30 on BSE around 09:50 hours IST.

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First Published on Oct 23, 2019 10:16 am

tags #BSE #stocks

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