Infosys gains on settlement of lawsuit with former employee

Meanwhile, the BSE Sensex was up 26.73 points or 0.14% at 19,343.98.

On BSE, 8,518 shares were traded in the counter as against average daily volume of 1.20 lakh shares in the past one quarter.

The stock hit a high of Rs 2,292 and a low of Rs 2,274.05 so far during the day. The stock had hit a 52-week high of Rs 2,990 on 22 February 2012. The stock had hit a 52-week low of Rs 2,101.65 on 26 July 2012.

The stock had underperformed the market over the past one month till 14 December 2012, sliding 2.64% compared with the Sensex's 3.75% rise. The scrip had also underperformed the market in past one quarter, declining 13.5% as against Sensex's 4.62% gain.

The large-cap IT company has equity capital of Rs 287.12 crore. Face value per share is Rs 5.

Infosys after trading hours on Friday, 14 December 2012, said it has settled a lawsuit with a former employee, Mr. Dev Tripuraneni, who had accused the Indian outsourcing-services company of harassing him for blowing the whistle on its US visa practices. The Dev Tripuraneni lawsuit filed against the company has been withdrawn following successful mediation of the dispute, Infosys said in a statement. "We can confirm that we reached an amicable settlement, without any admission of liability. This settlement enables us to avoid the costs and distraction associated with protracted litigation", Infosys said.

Infosys' consolidated net profit rose 3% to Rs 2369 crore on 3% growth in sales to Rs 9858 crore in Q2 September 2012 over Q1 June 2012.

Infosys provides business consulting, technology, engineering and outsourcing services to help clients in over 30 countries.

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