Infosys US-listed shares plunge after whistleblower complaints

Bengaluru: US-listed shares of Infosys Ltd fell nearly 12% on Nasdaq during early trading on Monday after the Indian software services exporter said it had received whistleblower complaints alleging “unethical practices” by the company’s executives.

The company issued a statement after The Economic Times reported that an anonymous group sent letters to Infosys’ board and the U.S. Securities and Exchange Commission alleging that the company was taking “unethical” steps to boost short-term revenue and profit.

According to reports, an anonymous group that calls itself “ethical employees” have written to the Infosys Board as well as American regulator US Securities and Exchange Commission with the allegations.