Story thread · 3 reports / 3 sources

Coforge shares rise 2% as Nuvama, other brokerages say concerns around Chairman's resignation are overdone

economictimes.indiatimes.com · 5dShare

Shares of Coforge rose nearly 2% on Thursday as brokerages reaffirmed their positive calls for the stock and said concerns around Chairman Om Prakash Bhatt’s resignation following an internal audit are overdone.Coforge shares rose to Rs 1,878 apiece on NSE on Thursday morning. This comes after the stock plunged more than 5% on Wednesday after the company announced the resignation of non-executive Independent Director and Chairperson Om Prakash Bhatt with immediate effect.As part of the internal audit plan, Coforge’s internal auditor reviewed the process followed for the Board Evaluation Exercise under the Chairman's guidance and the resulting Board Evaluation Report (BER). The review found some concerns regarding how the board dealt with and presented the BER. This included concerns that certain material information relating to the BER and the Chairman's performance was not fully disclosed to the board when the BER was presented.Following the observations, the board shared its concerns

First report: Indian shares decline on crude spike; Coforge tumbles after chairman's exit — reuters.com, 6d