ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » Companies News

Cognizant Technology shares trade at 23-month low, on US investigation

Cognizant said, “The company is conducting an internal investigation into whether certain payments relating to facilities in India were made improperly and in possible violation of the US Foreign Corrupt Practices Act and other applicable laws,” said a statement issued to the US stock exchange.”

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Cognizant Technology shares trade at 23-month low, on US investigation
Shares of Cognizant Technology, was trading at 23-month low at $ 47.22 down by 14.55%. Photo: Wikipedia

Investors dampened the shares of Cognizant Technology Solution on NASDAQ , after a US investigation was held in the company related to Foreign Corrupt Practices Act.

Shares of Cognizant Technology, was trading at 23-month low at $ 47.22 down by 14.55%. The lowest level was seen in October, 2014 were it shares stood at $ 48, since then this would be the first time, Cognizant has dropped below $ 50-mark.

The company has voluntarily notified the United States Department of Justice (the “DOJ”) and United States Securities and Exchange Commission (the “SEC”) and is cooperating fully with both agencies. 

Cognizant said, “The company is conducting an internal investigation into whether certain payments relating to facilities in India were made improperly and in possible violation of the US Foreign Corrupt Practices Act and other applicable laws,” said a statement issued to the US stock exchange.”

Further it added, “The investigation is being conducted under the oversight of the Audit Committee, with the assistance of outside counsel, and is currently focused on a small number of company-owned facilities.”

It also pointed out concerns on how this action will impact on their growth ahead.

“The internal investigation is in its early stages, and the company is not able to predict what, if any, action may be taken by the DOJ, SEC or any governmental authority in connection with the investigation or the effect of the matter on the Company’s results of operations, cash flows or financial position” it said.

Such development is expected to add further pressure on the Cognizant, has it is expected to grow at the slowest pace since 1996.

In August , Cognizant, which follows a January-December fiscal year, for the second time this year, cut its full-year revenue growth forecast sharply to 8.5-9.5%, half the pace at which revenue expanded last year.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Cognizant Technology SolutionsNasdaqInformation technologySharesUS investigationForeign Corrupt Practices Act
Written By: ZeeBiz WebTeam
Updated: Fri, Sep 30, 2016
09:33 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Cognizant Q1 net profit up 26% to $557 million; to expand local hiring in US Cognizant Q1 net profit up 26% to $557 million; to expand local hiring in US
Cognizant faces another law suit from US law firm Cognizant faces another law suit from US law firm

LATEST NEWS

US Stock Market: Nasdaq Composite, S&P 500 surge as Wall Street cheers remarks; Meta shares soar

SBI Q3 Results: Net profit jumps 68.5% to record Rs 14,205 crore, far exceeds analysts' expectations

US emerges as India's top destination for goods exports during April-December 2022

Q3 Results 2023: Emami December quarter PAT up 6%, Tata Power net profit doubles

I-T dept raids over 30 locations of 5 builder groups across Jaipur

DIVIDEND STOCK: Tide, Pampers maker announces 800% dividend - check ex date, record date and payment date

Amul milk price hiked by Rs 2 per litre from today: Here's how much Amul Taaza, Amul Gold, Amul Cow Milk will now cost

Government nod to Vodafone Idea to convert Rs 16,133 crore spectrum, AGR interest dues into equity

"Storm in a tea cup:" Finance Secretary on the rout in Adani stocks

ICAI CA Foundation Result 2022 released today: Check steps to download scorecard from icai.nic.in

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV