Sensex plunges 335 pts; Infosys sinks 16%

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Massive plunge in Infosys’ shares following a complaint against the company’s chief executive

Snapping its six-session rising streak, equity benchmark BSE Sensex plunged 335 points on Tuesday, dragged by a massive plunge in Infosys’ shares following a complaint against the company’s chief executive.

The 30-share BSE Sensex ended 334.54 points, or 0.85%, lower at 38,963.84. It hit an intra-day low of 38,924.85 and a high of 39,426.47.

The broader NSE Nifty too tumbled 73.50 points, or 0.63%, to settle at 11,588.35.

IT major Infosys was the biggest loser in the Sensex pack, plummeting 16.21% after an anonymous group claiming to be employees of the firm placed a whistleblower complaint to the company’s board, accusing CEO Salil Parekh and CFO Nilanjan Roy of indulging in unethical practices to boost short-term revenue and profits.

Other losers were Tata Motors, Bharti Airtel, HCL Tech and Bajaj Finance, shedding up to 3.51%.

Among the gainers were ICICI Bank, Sun Pharma, Bajaj Auto, HUL and HDFC, rising up to 3.06%.

Elsewhere in Asia, bourses in Shanghai, Hong Kong Tokyo and Seoul ended on a positive note after U.S. President Donald Trump on Monday said progress in developing the text of a partial trade pact with China means he will likely be able to sign it next month.

Equites in Europe were trading on a mixed note in their respective early deals.

Meanwhile, the Indian rupee appreciated by 22 paise to 70.92 against the U.S. dollar intra-day.

Brent crude futures, the global oil benchmark, rose 0.36% to $59.17 per barrel.

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