India: Cognizant says conducting corruption probe; president replaced

Author(s): Anya George Tharakan, Sai Sachin Ravikumar | Date: September 30, 2016 | Language: English
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IT services provider Cognizant Technology Solutions Corp said it was conducting an internal investigation into possible violations of U.S. anti-corrupt practices laws related to payments in India, sending its shares tumbling on Friday.
The company also said President Gordon Coburn had resigned and would be replaced by Rajeev Mehta, the head of IT services.
Cognizant, which gave no reason for Coburn’s departure, did not respond to a query on whether it was linked to the probe.
The company’s shares closed down 13.4 percent at $47.63 on Friday, wiping out about $4.5 billion of market value.

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