Infosys plunges 16 per cent on whistleblower complaint

IT services firm Infosys on Tuesday plummeted 16 per cent on concerns over a whistleblower complaint which alleges that two of company's top executives were indulging in unethical practices to increase short-term revenue and profits.

scrip plunged 15.94 per cent to Rs 645.35 on BSE. On NSE, it tanked 15.99 per cent to Rs 645.

Infosys on October 21 h said whistleblower complaint has been placed before audit committee as per company's practice, and that it will be dealt with in accordance with company's whistleblowers policy.

According to reports, complaint by a group that calls itself "ethical employees" h alleged CEO Salil Parekh and CFO Nilanjan Roy were indulging in "unethical practices" to boost short-term revenue and profits.

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" whistleblower complaint has been placed before audit committee as per company's practice and will be dealt with in accordance with company's whistleblowers policy," Infosys said in a statement.

In a statement on Tuesday, Infosys Chairman Nandan Nilekani said company's audit committee will conduct an independent investigation on whistleblower allegations.

committee began consultation with independent internal auditors EY, and has retained law firm, Shardul Amarchand Mangaldas & Co. to conduct an independent investigation, Nilekani ted in his statement to stock exchanges. 

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