Closing Bell: Sensex Down 300 Points, Nifty Ends Below 11,600
The Indian equity benchmarks halted their six-day gaining streak on Tuesday, 22 October, as Infosys shares sank.
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The Indian equity benchmarks halted their six-day gaining streak on Tuesday, 22 October, as Infosys shares sank after whistleblower allegations against its CEO Salil Parekh.
Sensex ended down 334.54 points or 0.85 percent at 38963.84, while the Nifty closed 73.50 points lower or 0.63 percent at 11588.40, according to Moneycontrol.
About 1,239 shares advanced, 1,298 shares declined, and 190 shares were unchanged.
Infosys shares fell 16 percent in the biggest intraday drop in six-and-a-half years after the complainants alleged Parekh of unethical practices for many quarters.
An anonymous letter by Infosys employees has alleged that in the quarter under review of fiscal 2019-20, the management put immense pressure on them to not recognise reversals of $50 million (Rs 353 crore) of upfront payment in FDR contract, as it will slash profits for the quarter and negatively affect the company's stock price.
Infosys chairperson Nandan Nilekani on Tuesday issued a statement, saying that the allegations against Parekh and Roy were under scrutiny by an audit committee.
(With inputs from Moneycontrol.)
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