The Infosys test

Credibility of the Indian IT sector is at stake

On Tuesday, Infosys shares fell over 16 per cent over the day of trade, marking the sharpest such drop in six years. Clearly, investors are spooked by news of fresh trouble at the top of India’s iconic software company. Whistleblowers, in a letter dated last month and now made public following publication in the Deccan Herald, complained that Infosys Chief Executive Officer (CEO) Salil Parekh, with the knowledge of Chief Financial Officer (CFO) Nilanjan Roy, was concealing crucial facts from the board committees, under-reporting costs to artificially inflate reported profits, and ordering employees to misrepresent the returns on certain business