Infosys shares gain over 3% after being cleared in US visa violation case
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Infosys shares gained over 3 per cent in morning trade on Wednesday after the company said that the US Labor Department cleared the IT major of any wrongdoing and has closed the investigation into US Visa violation case.
At 11.15 am, the shares were trading 3.14 per cent higher at Rs 1,092.60. On NSE, the shares were trading 3.17 per cent higher at Rs 1,092.40. Sensex was up 304.40 points at 25,622.27 during the same time.
A statement by Infosys said: “Infosys is pleased to report that the US Department of Labor concluded its investigation with a determination of compliance regarding labor condition applications filed in the Southern California Edison project. Infosys fully cooperated with the DOL in its investigation, and over 145 files were reviewed, with no violations found.”
The issue first was reported in June this year following reports that Infosys and TCS had displaced US employees with cheaper resources from India, thereby allegedly violating labour regulations.
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