Mphasis: CBI raid news ‘completely false’

By : |August 21, 2011 0

[image_library_tag 825/13825, align=”left” title=”” alt=”” hspace=”6″ vspace=”6″ border=”0″ ,default]BANGALORE, INDIA: After a couple of television channels reported that the Central Bureau of Investigation (CBI) raided the premises of Mphasis Limited, the company on Monday dismissed the news as completely false.

In a statement, senior vice-president and ethics officer A Sivaram Nair informed the Bombay Stock Exchange that there had been no CBI searches on any of their premises.

He added that the company, which is part of the HP empire, had the highest governance and ethics standards, adhering to all statutory and legal requirements as applicable.

“We have checked with every location, and there is no raid at any of our locations,” Reuters quoted Mphasis chief financial officer Ganesh Murthy as stating.

Following the news break, shares in Mphasis  fell by over 13 per cent during the day, but it regained the value and at 2 p.m. IST the shares stood at Rs 376.25, up 6.87 per cent.

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