Infosys climbs 10% as SEC concludes whistleblower investigation

NEW DELHI: Shares of Infosys jumped 10 per cent in Tuesday’s trade after the IT services exporter said the US market regulator has concluded its whistleblower investigation and it does not anticipate any further action on the matter.

“The company has also responded to all inquiries received from the Indian regulatory authorities and the company will continue to cooperate with the authorities should there be any additional requests for information,” Infosys said.

Investigation pertains to whistleblower complaints which concluded in January. The company cooperated with an investigation by the United States Securities & Exchange Commission (SEC) regarding the same.


Following the development, the stock jumped 10 per cent to hit a high of Rs 579.35 on BSE.

Last September, a whistleblower had mailed the company’s board with a slew of allegations against CEO Salil Parekh and CFO Nilanjan Roy, claiming they were using sharp practices to boost the company’s revenue and profit. Mails were also sent to the US markets regulator, ostensibly with evidence to back up the claims.

In January this year, the company’s audit committee issued a clean chit to the top leadership following a detailed probe into whistleblower allegations, company executives said.