India's Coforge slides nearly 9% as chairman quits over board evaluation concerns
- Coforge shares dropped sharply by approximately 6-9% on September 8-9, 2026, following the resignation of chairman Om Prakash Bhatt after an internal audit raised concerns about the board evaluation report's handling and disclosure.
- The internal audit found that material information about Bhatt's performance was not fully disclosed to the board, which led to his resignation effective September 8, 2026.
- Vivek Sharma was appointed as interim chairperson until January 31, 2027, to maintain governance stability and leadership continuity following Bhatt's departure.
- The resignation and corporate governance concerns contributed to a 3.06% decline in the Nifty IT index amid broader market concerns, including worries about US interest rate hikes.
16 Articles
16 Articles
Coforge Shares Plunge as Chairman Resigns Amid Board Review
Coforge Ltd.’s chairman resigned after an internal audit raised concerns about a lack of transparency in the way board directors were evaluated, marking another sudden leadership departure at a major Indian company.
Coforge share price cracks 9% after Chairman OP Bhatt resigns following audit | Other IT stocks also in red
Coforge shares dropped nearly 9% on September 9 after the resignation of non-executive Director Om Prakash Bhatt. The stock fell to ₹1,780.10. The Board appointed Vivek Sharma as interim Chairperson until January 31, 2027.
Infosys, HCLTech, Coforge tumble up to 6%: Why are IT stocks down today?
Indian IT stocks fell sharply in early trade as rising US rate-hike expectations and Coforge's board-related development weighed on sentiment. The sell-off matters because fears over weaker client tech spending are adding pressure on a sector with heavy benchmark index weightings.
Coforge Stock Update: Share Price Plunges 6% on Chairman's Resignation
Coforge (COFORGE) share price is down over 6% to ₹1,826.40, marking a significant intraday fall, driven by the immediate resignation of its Chairman O.P. Bhatt over board evaluation concerns. Coforge Stock Update: Share Price Plunges 6% on Chairman's Resignation.
The Economic Times
Times of IndiaCoforge shares crash 9% after Chairman Om Prakash Bhatt resigns post audit
Coforge shares fell after Chairperson Om Prakash Bhatt resigned. An internal audit identified concerns regarding the board evaluation process and its presentation. Bhatt stated his resignation was appropriate given the circumstances and disagreements. The company clarified his departure followed audit findings and board discussions. Coforge reported strong financial results in its first quarter.
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