Infosys whistled into green

For the IT sector the virus is a double whammy on account of the growth falling all across the world and also on account of the falling rupee vis-à-vis the dollar.

Despite this, the stock today is up on some optimism coming in after it got a clean chit from the SEC on a whistleblower complaint.

In a Press Release, the company stated that the US Securities & Exchange Commission (SEC) has concluded its investigation and the company does not anticipate any further action by the SEC on this matter.

Among many allegations, the whistleblower had accused the CEO, Salil Parekh of bypassing reviews and approvals for large deals and directing employees from the finance team to make wrong assumptions to show margins.

Infosys today opened higher at Rs.535 from its close of yesterday at Rs.535 and rose to an intraday high at Rs.579.35. It currently trades strongly in the positive at Rs.569 levels.