Cost of Infosys Shares Fall Drastically
The IT behemoth in India has been caught in a tangle of controversies after some of their employees turned whistleblowers against the companies CEO and CFO. Watch the video for all the sordid details.
Infosys is India's second-largest IT company. Right now it is going through many problems. On tuesday 22nd October, the price of its shares fell by 16%. The price of one share was Rs 747 and it fell to Rs 644. Shareholders suffered a loss of Rs 14,000 crore.
Employees of Infosys wrote a letter to the board saying that the CEO Salil Parekh and CFO Nilanjan Roy are doing unethical and illegal activities in the company. The letter said that Parekh manipulated the accounts of the company to show more profit. Roy supported him to do this.
The letter also said there were a lot of illegal activities in deals with companies such as Verizon and ABN Amro. The employees said that Parekh insulted board members and called them Madrasis who don't know anything. The employees also said that they proofs like emails and voice recordings and will share them during the investigation.
Chairman Nandan Nilekani released a statement promising a thorough investigation.He nothing will be said till the investigation is complete. SEBI is a government organisation that manages the share market. They have started an investigation as well.
