“The company received notification from the SEC that the SEC has concluded its investigation and the company does not anticipate any further action by the SEC on this matter,” Infosys has said.
Infosys share price rallied 10 percent intraday on March 24 after the US Securities and Exchanges Commission (SEC) gave a clean chit to the Indian company in the whistleblower case.
The scrip has stayed in the Rs 520-580 range apiece on closing basis despite last week’s washout, when the market tanked more than over 12 percent. However, the stock is still 35 percent lower than its month-ago price.
In a statement, Infosys said, “The company received notification from the SEC that the SEC has concluded its investigation and the company does not anticipate any further action by the SEC on this matter.”
Infosys added that it will continue to cooperate with the authorities should there be any additional requests for information.
This comes after an anonymous whistleblower complaint surfaced in late October 2019. The whistleblowers accused CEO Salil Parekh and CFO Nilanjan Roy of accounting irregularities to boost growth numbers. Following the report, Infosys’ share price crashed close to 16 percent on the BSE and the US stock exchange NYSE, wiping out its market cap by nearly Rs 50,000 crore.
At 1153 hours, Infosys was quoting Rs 567.60, up 7.77 percent, on the BSE.
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First Published on Mar 24, 2020 12:02 pm