Infosys hires law firm to probe charges, stock tanks over 16%

Bengaluru | Mumbai: InfosysNSE 1.20 % has hired law firm Shardul Amarchand Mangaldas to independently investigate the whistleblower allegations of accounting malfeasance, even as investors dumped the stock on Tuesday, which fell 16.65% — the sharpest single-day slide in six years — shaving Rs 53,000 crore off its market cap. CEO Salil Parekh and CFO Nilanjan Roy have been recused from the matter to ensure independence of the probe, Infosys non-executive chairman Nandan Nilekani said in a statement to regulators.

The statement further said that Infosys had not received the documents or audio records that the whistleblowers had shared with the US Securities and Exchange Commission. The company did not set a timeline for the completion of the investigation, but said that a summary of the probe would be shared (with investors).