BENGALURU (Reuters) - U.S.-listed shares of Infosys Ltd fell 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 https://economictimes.indiatimes.com/tech/ites/whistleblower-complaint-placed-before-audit-committee-infosys/articleshow/71686001.cms 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.
The group alleged that Chief Executive Officer Salil Parekh was bypassing reviews and approvals for large deals, the ET report said.
"In large contracts like Verizon, Intel, JVs in Japan, ABN AMRO acquisition, revenue recognition matters are forced, which are not as per accounting standards," the report said, citing cited the letters.
Indian markets were closed on Monday for a holiday.
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