Infosys trades higher after no evidence found for whistleblower allegations

Bengaluru based IT major Infosys Ltd traded higher on Monday due to news reports that its whistleblower complaints and allegation may not go too far against it owing to no prima facie evidence found.

In a trading session earlier, the IT services and technology provider’s stock price had fell as much as 15 per cent intra-day after whistleblower raised questions over its corporate governance.

The governing authorities from India and US (where its ADR is listed) are investigating the matter. The complaint was intended for action against the CEO Salil Parikh and CFO Nilanjan Roy for pressurized finances. On Monday, company said that the whistleblower is yet to come up with any evidence regarding the allegations on the Management.

In a separate stock exchange filing the company stated that it will help Siemens Gamesa Renewable Energy for digitization work of its landscape. As per the company’s exchange filing the company will enable SGRE to align its existing disparate IT setup into a harmonized and consolidated infrastructure landscape. The company will provide a hybrid cloud solution integrating multiple Public cloud platforms with its private cloud to bring agility to SGRE’s IT infrastructure while ensuring technical and financial synergies.

On Monday, the Infosys stock touched its intra-day high of Rs. 732.50. On 3.10 pm, the stock traded at Rs710 per share, up by 3.25 per cent on BSE.