Follow Us:
Sunday, January 24, 2021

Infosys getting large deals despite whistleblower ‘distraction’

Infosys' shares rose 2.6 per cent to Rs 714.2, poised for the highest close since October 18, at 11.57 am in Mumbai.

By: Bloomberg | November 6, 2019 12:36:22 pm
Infosys getting large deals despite whistleblower ‘distraction’ Employees on the campus of the Infosys headquarters ahead of the first-quarter earnings in Bangalore, India on Jan 10, 2019. (Bloomberg: Karen Dias)

Infosys Ltd., Asia’s second-largest software exporter, said it’s getting large deals despite fighting whistle-blower allegations against Chief Executive Officer Salil Parekh.

Anonymous whistle-blowers last month alleged that Parekh used “unethical practices” to boost revenue and profit in recent quarters. The whistle-blowers also said recent big deal wins may have come with negligible margins. They asked the board of the Indian company to investigate and take action, offering to provide emails and voice recordings to support their allegations.

“Customers are supportive, we have proactively reached out” to clients, Chairman Nandan Nilekani said on a call with analysts. Despite the “distraction” the company has complete focus on the business, he said.

The company’s shares rose 2.6% to 714.2 rupees, poised for the highest close since Oct. 18, at 11:57 a.m. in Mumbai. Gains in the stock helped the benchmark S&P BSE Sensex reverse losses of as much as 0.5%.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.