Infosys stocks up 4% as US court dismisses harassment case against it
Mumbai: Shares of Infosys on Tuesday surged nearly 4 percent after a US court in Alabama dismissed harassment charges filed against the IT major by one of its American employee.
After making a bullish opening, shares of the company further gained 3.71 percent to Rs 2,438.75 on the BSE.
At the National Stock Exchange, the scrip rose by 3.74 percent to Rs 2,439.
The stock was the top gainer on the Sensex, which was trading 80 points higher at 17,771.08.
"Judgement is entered in favour of defendants Infosys Technologies Limited Incorporated and Infosys Limited and against plaintiff Jack 'Jay' Palmer, Jr, with plaintiff Palmer taking nothing by his complaint," US District Judge Myron H Thompson said in his two-page ruling yesterday.
"It is further ordered that costs are taxed against plaintiff Palmer, for which execution may issue," Judge Thompson said in his order dated August 20, thus bringing an end to a long drawn case against the major Indian IT company.
"Today's decision confirms what we have been saying from the beginning: Mr Palmer's claims of retaliation were completely unfounded," Infosys said in a statement.
"We are pleased to consider this matter officially closed," it added.