Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,872.1031.65
Stock Analysis, IPO, Mutual Funds, Bonds & More

Ex-Infosys Dy CFO Jayesh Sanghrajka may join Mphasis

Mphasis’ CFO V Suryanarayanan is due to retire in January, although he might still receive an extension.

Oct 22, 2019, 11.21 PM IST
0Comments
BCCL
Ex-Infosys Dy CFO Jayesh Sanghrajka may join Mphasis
MUMBAI|BENGALURU: Jayesh Sanghrajka, Infosys’ deputy chief financial officer who resigned earlier this month, is in talks to join Mphasis, sources with direct knowledge of the matter told ET.

After ET reported on Monday that a whistleblower group had mailed the Infosys board and the US Securities and Exchange Commission alleging “aggressive” accounting tactics to boost revenue and margins, analysts began to question the timing of Sanghrajka’s departure.

“He is talks with Mphasis and could join there. Mphasis’ CFO is looking at retiring and Sanghrajka has the experience,” a source with knowledge of the discussions, said.

Mphasis’ CFO V Suryanarayanan is due to retire in January, although he might still receive an extension, an Mphasis executive said, adding that no final decision has been taken yet.

A second source also confirmed that Sanghrajka was talking to Mphasis. “This is speculative in nature and as a policy, we do not comment on rumors and speculation,” said a spokesperson for Mphasis.

Sanghrajka did not respond to calls and messages.

“Earlier, the perception was that Sanghrajka’s resignation was tied to the whistleblower allegations, but this is not true. It is more related to his talks with Mphasis,” a third person aware of the development said.

The Infosys’ stock lost more than 16% on Tuesday on the BSE, its biggest intraday percentage loss in six years, following the complaint.

Earlier in the day, Infosys chairman Nandan Nilekani said it had hired Shardul Amarchand Mangaldas to investigate the whistleblower allegations.

Also Read

Infosys names Jayesh Sanghrajka as interim CFO

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service