The same thing was expected in the Indian stock market on Tuesday and Infosys shares fell more than 10 percent in early trade. Actually, there has been serious allegations against the management of the country's IT giant Infosys. Because of this, the stock of the company was already being predicted to fall.
What is Infosys Controversy?
In fact, a group of whistleblowers has complained to Salil Parekh, CEO of the country's IT giant Infosys, and Nilanjan Roy, the company's CFO, for indulging in 'unethical practices' to increase income and profits in a short period of time. In a September 20 letter to the company's board of directors, the group said, "We want to bring to your notice the unethical behavior by the CEO in recent quarters. "Similar steps have been taken in the current quarter to increase income and profit in a short time."
The group claims that email and voice recordings are also available to prove these allegations. The Whistleblower Group has also written a letter to the US Regulatory Securities and Exchange Commission regarding this on 3 October. Let us tell you that whistleblower is said to be the person who exposes the mistakes made in an institution.
A statement has also come from Infosys on this entire controversy. On behalf of Infosys it was said, "As per the procedure of the company, the complaint of the whistleblower has been placed before the audit committee. Action will be taken as per the whistleblower policy of the company. "Infosys has already received complaints about negligence in the functioning of the company. Earlier, such a complaint was made about the irregularities in the company's purchase of Israeli company Panaya.
SENSEX-NIFTY
Meanwhile, on Tuesday, the Sensex and the Nifty also looked sluggish in early trade. Between ups and downs, the Sensex was trading at a level of 39 thousand 390 with an increase of about 60 points at 9.30 am. At the same time, the Nifty rose by 45 points and it was trading at the level of 11 thousand 700. Let us tell you that due to the assembly elections in Maharashtra on Monday, the stock markets were closed.
Earlier on the last trading day on Friday, the Sensex gained 246.32 points, or 0.63 per cent, to 39,298.38, while the Nifty closed 75.50 points, or 0.65 per cent, at 11,661.85. If we talk about the past week, there was a lot of excitement in the Sensex and Nifty. The Sensex gained 1,171.30 points compared to a week ago, while the Nifty also gained 360.60 points.
