Business

Sensex ends 335 points lower, Infosys cracks by over 16 pc after whistleblower complaint

ANI | October 22, 2019 04:37 PM
Infosys closed over 16 pc lower on Tuesday at Rs 640 per share

Mumbai (Maharashtra) [India], Oct 22 (ANI): Equity benchmark indices closed in the red on Tuesday amid mixed global cues while software major Infosys recorded its sharpest intra-day fall in more than six years after a whistleblower complaint accused senior company officials of indulging in unethical practices.

The BSE S&P Sensex closed 335 points lower at 38,964 while the Nifty 50 was down by 72 points at 11,590. Sectoral indices at the National Stock Exchange were mixed with Nifty IT slipping by 4.8 per cent.

Among stocks, Infosys was the top loser at Rs 640 per share -- down by 16.65 per cent -- a day after an anonymous group calling itself 'ethical employees' alleged in a letter to the board of Infosys and the US Securities and Exchange Commission (SEC) that the company is taking unethical steps to boost short-term revenue and profits.

Tata Motors skidded by over 4 per cent, Bajaj Finserv by more than 3 per cent, Bharti Airtel and HCL Technologies by 2.8 per cent each.

However, those which gained were Dr Reddy's, ICICI Bank, Bharat Petroleum Corporation, Titan, and Cipla.

In the morning trading, Yes Bank had gained over 10 per cent amid reports that it is likely to take over Rs 6,000 crore of land held by Sumer Group in Radius joint venture over non-payment of Rs 479 crore loan. But the stock shed early gains and closed 0.78 per cent higher at Rs 51.80 apiece.

Meanwhile, Asian markets saw an extension of last week's positive momentum as equities continue to see good follow up buying. Japanese markets were closed for a public holiday.

South Korean Kospi rose by 1.16 per cent while Shanghai Composite index moved by 0.5 per cent and Hong Kong's Hang Seng index by 0.23 per cent.

Reports said US President Donald Trump and Chinese President Xi Jinping are set to participate in the Asia Pacific Economic Cooperation (APEC) meetings in Chile during mid-November where a partial trade deal could be signed. (ANI)

Have something to say? Post your comment
Must Read
Punjab Governor greets people on Parkash Utsav of Sri Guru Nanak Dev Ji
Punjab Governor greets people on Parkash Utsav of Sri Guru Nanak Dev Ji
Awareness meeting Organized By D.C Tarn Taran on Stubble Burn
Awareness meeting Organized By D.C Tarn Taran on Stubble Burn
District Level Programs begins to celebrate Guru Nanak Dev Ji Parkash Purb
District Level Programs begins to celebrate Guru Nanak Dev Ji Parkash Purb
4 major issues drowned Education sector of Punjab: Dr. Anshu Kataria
4 major issues drowned Education sector of Punjab: Dr. Anshu Kataria
People welcome 'Cavalcade of Universal Oneness' with open arms
People welcome 'Cavalcade of Universal Oneness' with open arms
Motorcyclist dies on collision with truck
Motorcyclist dies on collision with truck
Students of Aryans Institute of Nursing visits Old age home & Handicapped Institute
Students of Aryans Institute of Nursing visits Old age home & Handicapped Institute
Cheema appeals PM Modi for construction of NH connecting Sultanpur Lodhi with Ludhiana-Amritsar
Cheema appeals PM Modi for construction of NH connecting Sultanpur Lodhi with Ludhiana-Amritsar
Installation of new Solar Power Plant at GMCH Sec.32 to reduce electricity bill by approximately Rs.36 lakhs annually
Installation of new Solar Power Plant at GMCH Sec.32 to reduce electricity bill by approximately Rs.36 lakhs annually
Punjab government to dedicate all the events of November 9 to Babe Nanaki
Punjab government to dedicate all the events of November 9 to Babe Nanaki
Chandigarh Air quality going down after Dussehra & Diwali reported by CPCC (Chandigarh Pollution Control Board)
Chandigarh Air quality going down after Dussehra & Diwali reported by CPCC (Chandigarh Pollution Control Board)
CT Schools mark 550th Birth Anniversary of Guru Nanak
CT Schools mark 550th Birth Anniversary of Guru Nanak