Wipro near day’s high as it reaches settlement with the US SEC

MUMBAI: Shares of Wipro gained momentum and were near day’s high on reaching a settlement with the US Securities and Exchange Commission in the employee fraud case pertaining to 2010.

According to reports, the software services exporter has agreed to pay 10 million dollars to the US market regulator to settle the issue.

When TOI contacted Wipro, the company said, "Wipro has nothing more to add than what has been previously disclosed in our latest filing with the SEC."

The SEC investigation is part of an enquiry that has been going on since 2010, when a junior-level employee of Wipro was found to be embezzling company funds, engaging in a number of personal financial transactions of relatively small value.

The stock gained 1.31 per cent to touch intraday high of Rs 553 on the BSE.