Infosys slips as former employee sues again

Infosys fell 0.63% to Rs 3,822.85 at 9:20 IST on BSE after the company said a former employee has filed a lawsuit demanding damages for alleged wrongful termination.

Meanwhile, the BSE Sensex was down 7.43 points, or 0.03%, to 26,560.56.

On BSE, so far 11,000 shares were traded in the counter, compared with an average volume of 57,697 shares in the past one quarter.

The stock hit a high of Rs 3,841.40 and a low of Rs 3,769.90 so far during the day. The stock hit a record high of Rs 3,859.90 on 1 October 2014. The stock hit a 52-week low of Rs 2,894 on 30 May 2014.

The stock had outperformed the market over the past one month till 1 October 2014, rising 6.77% compared with 1.11% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 19.41% as against Sensex's 4.12% rise.

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

Jack Palmer, a former Infosys employee responsible for starting a US investigation into the company's visa practices, has filed another lawsuit demanding damages for alleged wrongful termination.

Infosys said on Monday, 6 October 2014, that Infosys' former employee, Jack Palmer's current complaint in the United States District Court in New Jersey is a repetition of issues that were tried and dismissed by a federal court in 2012. Palmer resigned in 2013 November and released the company from the charges he has alleged in the complaint. The company said it believes current complaint is without any legal merit and will vigorously defend this complaint. The company expects the issue to be resolved at the earliest.

As per reports, in a fresh case filed by Palmer in a New Jersey District Court last week, the American national claims to have been discriminated because he raised the issue of breach of US visa rules. Palmer had earlier sued Infosys in an Alabama state court, accusing the company of harassment and breach of contract after he raised concerns about possible visa violations by the firm.

Infosys' consolidated net profit declined 4% to Rs 2886 crore on 0.8% decline in sales to Rs 12770 crore in Q1 June 2014 over Q4 March 2014.

Infosys is a global leader in consulting, technology and outsourcing solutions.

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