Coforge shares plunged 7 percent in early trade on Wednesday, emerging as the top midcap loser, after the IT services company said chairman and independent director O P Bhatt had resigned with immediate effect. Bhatt's exit follows concerns raised by an internal audit over the company’s board evaluation process.
The Coforge stock fell to Rs 1,813.3 in early trade, compared with its previous close of Rs 1,950. The sharp decline pared the stock’s gains for 2026 to around 10.6 percent, although it continues to outperform the Nifty 50, which is down about 10.1 percent over the same period. Coforge’s market capitalisation stood at more than Rs 80,300 crore.
The company said on Wednesday that Bhatt, a former chairman of State Bank of India, resigned as Non-Executive Independent Director and Chairman of the Board after an internal audit identified gaps in the process and disclosure of information relating to a recent board evaluation exercise.
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As part of its Q2 FY26 internal audit plan, Coforge’s internal auditor reviewed the processes followed for the Board Evaluation Exercise and the resulting Board Evaluation Report (BER), which had been conducted under Bhatt’s guidance.