Infosys shares jump nearly 13% as US SEC concludes probe in whistleblower case; market cap soars by Rs 28,489 cr

Shares of Infosys on Tuesday jumped nearly 13 percent after the company said the US Securities and Exchange Commission (SEC) has concluded the investigation in the whistleblower allegations made last year, and that it does not anticipate any further action by the regulator

Press Trust of India March 24, 2020 19:51:02 IST
Infosys shares jump nearly 13% as US SEC concludes probe in whistleblower case; market cap soars by Rs 28,489 cr

New Delhi: Shares of Infosys on Tuesday jumped nearly 13 percent after the company said the US Securities and Exchange Commission (SEC) has concluded the investigation in the whistleblower allegations made last year, and that it does not anticipate any further action by the regulator.

The company's scrip zoomed 12.69 percent to close at Rs 593.55 on the BSE. During the day, it advanced 14.99 percent to Rs 605.70.

On the National Stock Exchange (NSE), it climbed 12 percent to close at Rs 589.80.

Infosys shares jump nearly 13 as US SEC concludes probe in whistleblower case market cap soars by Rs 28489 cr

Representational image. Reuters.

It was the top gainer on both the key indices at the close of trade.

In terms of traded volume, 6.29 lakh shares were traded on the BSE and over 2 crore shares on the NSE during the day.

The company's market valuation zoomed Rs 28,489.15 crore to Rs 2,52,786.15 crore on the BSE.

In October last year, Infosys had told stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management. It then started a probe into the matter and roped in external investigators.

US market regulator SEC had also initiated a probe into the matter.

In a regulatory filing on Tuesday, Infosys said it has received a notification from the SEC stating that its investigation has concluded. "The company does not anticipate any further action by the SEC on this matter.

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