Infosys gains over 2% as co denies governance lapses

Shares of Infosys today rose by over 2 per cent after the company denied any governance lapses and emphasised that its board is "fully aligned with the strategic direction" of CEO Vishal Sikka.
The stock went up by 2.10 per cent to end the trading session at Rs 968.05 on BSE. During the day, it gained 2.49 per cent to Rs 971.80.
At NSE, shares of the company rose by 2.35 per cent to close at Rs 968.30.
On the volume front, 11.85 lakh shares of the company were traded on BSE and over 61 lakh shares changed hands at NSE during the day.

Mired in controversy centring around differences between its founders and the management, Infosys yesterday denied any governance lapses.
Taking a strong stand on issues -- purportedly raised by the founders -- such as CEO's compensation and severance pay of former employees, Infosys said while the board appreciates and respects inputs from the founders, it is committed to fulfilling its fiduciary responsibility to "act independently".

"The board is fully aligned with the strategic direction of Dr Vishal Sikka and is very appreciative of the initiatives taken by him in pursuance of this transformation," Infosys Chairman R Seshasayee said.
He further said: "Vishal and the board, while being pleased with the company's resumption of industry-leading performance on many parameters, are keen to further accelerate the progress and achieve even more shareholder value increase, on the foundation of sound governance."

Over the past few days, the Bengaluru-based firm has come under fire over purported differences between some of the founders and the board.