Infosys shares plunged to a 10-month low after whistleblowers accused the company's two top executives of leading an effort to shore up profits through irregular accounting. Here is more on that headline and other news news on Tuesday.
Infosys investigates whistleblower claims, shares fall
Infosys Ltd said it was investigating whistleblower claims accusing its CEO Salil Parekh and CFO Nilanjan Roy of "unethical practices" to boost short-term profit, sending its shares to their worst intraday fall in over six years. The allegations are being evaluated by the audit committee and the board. The CEO and the CFO won’t be a part of those deliberations.
India proud of Abhijit Banerjee: PM Modi
Prime Minister Narendra Modi said he had an “excellent” meeting with Abhijit Banerjee, the Indian-American co-winner of the 2019 Nobel Prize for Economics. “India is proud of his accomplishments," said Modi on Twitter. Commerce Minister Piyush Goyal had last week said Banerjee had a Left-leaning mindset and that India had rejected his views.
Chidambaram gets bail in INX Media case
The Supreme Court granted bail to former finance minister P Chidambaram, two months after the Central Bureau of Investigation arrested him in the INX Media corruption case. There was "no whisper" of any evidence that Chidambaram tried to influence witnesses, said the court. Chidambaram, however, will not be released as he remains in the custody of the Enforcement Directorate.
SC to hear all social media, Aadhaar linking cases
The Supreme Court transferred to itself all cases related to linkage of social media profiles with Aadhaar and pending before high courts. New rules to regulate hate speech, fake news, defamatory posts and anti-national activities on social media will be finalised by January 15, the government has told the Supreme Court.
Axis Bank posts standalone net loss of Rs 112 cr
Axis Bank reported a net loss of Rs 112.08 crore on a standalone basis for the second quarter ended September of the current fiscal due to a one-time tax impact. The bank had posted a net profit of Rs 789.61 crore in the corresponding July-September quarter of the previous fiscal.