IT index slid 3% on September 9 with constituent Coforge tumbling up to 6% after Chairman Om Prakash Bhatt resigned following concerns raised by an internal audit over the company's board evaluation process.
Bhatt resigned after an internal audit into a board evaluation found concerns, including that material information about his own performance had not been fully disclosed to the board.
Bhatt, who previously served as chairman of State Bank of India, was appointed chair of Coforge's board in 2024 with a term due to finish in April 2027.
An audit into the board evaluation process and the resulting report, which were handled under Bhatt's guidance, identified concerns about how the report "had been dealt with and presented to the board", the company said. This included concerns that material information about Bhatt's own performance had not been fully disclosed to the board.
At 10 am on September 9, Nifty IT index was trading 3% lower with Coforge leading losses. Infosys, Tech Mahindra were among top Nifty losers by declining 3.6% and 3.3%, respectively. The sectoral index fell for sixth straight session, falling over 10% during the same period.