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Biz EOD: Infosys to probe allegations; Kotak Mahindra Bank profit up 51%; Axis Bank posts net loss in Q2FY20

BusinessToday.In     October 22, 2019

A day after scathing allegations of "unethical practices", Infosys has launched a thorough investigation and has recused CEO Salil Parekh and CFO Nilanjan Roy to ensure impartial probe. Kotak Mahindra Bank has reported 51% y-o-y growth in its net profit at Rs 1,724 crore for the second quarter ended September 30, 2019. Axis Bank reported a net loss of Rs 112 crore for the second quarter ended September 30 dented by a one-time tax impact of Rs 2,138 crore due to changes in corporate tax rate. Read for more top stories from the world of business and economy:

1. Infosys Chairman Nilekani recuses CEO Parekh, CFO Roy from investigation of allegations

In a statement, Infosys Chairman Nandan Nilekani told the stock exchanges that the company has taken appropriate action after the anonymous whistleblower complaints surfaced in September.

2. Infosys share ends over 16% lower on Sensex, Nifty amid allegations of 'unethical' practices

Infosys investors lost Rs 50,639 crore in market wealth today with the stock's market capitalisation sinking to Rs 2,76,300 crore on BSE compared to Friday's close of Rs 3,26,939 crore.

3. Kotak Mahindra Bank Q2 profit jumps 51% to Rs 1,724 crore; NII up 25%

Kotak Mahindra Bank Q2 results: Uday Kotak-led bank's net interest income (NII), or the core income a bank earns by giving loans, jumped 25 per cent to Rs 3,350 crore in Q2FY20 from Rs 2,676 crore in Q2FY19.

4. Axis Bank posts Q2 net loss of Rs 112 crore on higher tax expense, operating profit jumps 45%

The bank's operating profit for the quarter grew 45%  y-o-y to Rs 5,952 crore from Rs 4,094 crore in Q2FY19. Profit before tax grew 109% y-o-y to Rs 2,433 crore as compared to Rs 1,167 crore in the year-ago quarter.

5. RCEP: Govt under pressure to abort the pact, if not delay it

RCEP is a mega free trade agreement among 10 ASEAN countries and their six trading partners - Australia, China, India, Japan, South Korea and New Zealand.

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