Coforge

Gupta, former vice chairman of Bharti Enterprises, will serve for five years from September 29 as non-executive independent director and chairperson

IT services firm Coforge Ltd has appointed former Bharti Enterprises vice-chairman Akhil Kumar Gupta as its chairperson and non-executive independent director for five years, effective Tuesday. The appointment follows weeks of intense boardroom turmoil, triggered by the abrupt resignation of former chairman and veteran banker O P Bhatt on September 9 after an internal audit revealed that he had withheld a board evaluation report that assigned his own performance category the lowest rating. The fallout, which wiped out more than Rs 4,400 crore in the company's market valuation as shares tumbled over 5 per cent, escalated within days when Coforge's nomination and remuneration committee (NRC) chairperson D K Singh also quit, citing "differences" and "tension" between independent and executive directors. Following the exits, the company named non-executive independent director Vivek Sharma as interim chairperson and roped in global executive search firm Egon Zehnder to lead the hunt fo

Five Adani Group companies have settled SEBI adjudication proceedings linked to the Hindenburg report.

Coforge expects constant-currency revenue growth of 3-4 per cent sequentially, while its large-deal pipeline is at a record level, according to JM Financial

Coforge CEO Sudhir Singh says IT services firms can bridge the gap between AI adoption and operationalisation as the technology puts pressure on traditional businesses.

Last week, Coforge's Chairman resigned with immediate effect amid concerns raised by an internal audit over the Board's Evaluation Exercise.

Questions remains on why Bhatt, who was also an independent director at Tata Consultancy Services, fell out of favour with the board

In another major boardroom fallout at Coforge, its non-executive independent director and Nomination and Remuneration Committee Chairperson D K Singh has resigned, alleging "differences and tension" between independent and executive directors. The IT services firm, however, refuted Singh's claims as "unfounded" and an "afterthought", saying his resignation followed an internal audit review that flagged governance lapses in how he and former Chairman O P Bhatt handled a board evaluation exercise. The development comes just days after Bhatt abruptly stepped down as Chairman of Coforge following the internal audit's findings that he and Singh withheld crucial board evaluation reports, including the lowest rating assigned to theChairman's category, from other board members. The former State Bank of India chairman had also failed to secure the required 75 per cent special resolution threshold at the company's Annual General Meeting on August 24 for his reappointment as independent ...

The IT services firm said reports were available only to OP Bhatt and NRC chair DK Singh, while the chairman's lowest rating was not disclosed or discussed with the full board

The resignation followed concerns identified in an internal audit review over the handling and disclosure of information relating to the board evaluation report

n the IT basket, stocks registered declines in the range of 5-9 per cent. Based on the day's low, Coforge emerged as the biggest loser with an 8.7 per cent fall.

Coforge chairman OP Bhatt resigned after an internal ​audit into a board evaluation found concerns, ​including that material information about his own performance not fully disclosed to the board.

Bhatt, who previously served as chairman of India's largest lender, State Bank of India, was appointed chair of Coforge's board in 2024 with a term due to finish in April 2027

Analysts believe stronger earnings visibility and company-specific growth drivers have managed to drive this outperformance.

Coforge Share : Axis Securities expects deal ramp-ups, AI monetisation and Encora synergies to drive sustained earnings growth for Coforge. It maintained a 'Buy' rating with a target price of ₹2,050.

The IT services firm reported robust Q1 earnings, driven by Encora integration and strong healthcare and insurance growth, while maintaining strong AI-led deal momentum

Thus far in the month of July, the Nifty IT index rallied 15 per cent, as compared to 0.6 per cent rise in the Nifty 50.

The buying interest in the stock came after the company announced a five-year contract worth over $230 million for an AI-led transformation engagement with a major client in Europe

The five-year contract is among the company's largest AI-led transformation engagements in Europe and underscores rising enterprise spending on AI-driven digital modernisation

The contract is expected to improve decision-making, boost productivity, reduce manual effort and speed up service delivery, Coforge said in an exchange ​filing