Infosys shares witnessed a decline after the company disclosed a tax penalty and demand worth $3.3 million imposed by the Georgia Department of Labor, USA.
Key Details:
- Period: The penalty covers the period from Q3 2019 to Q1 2024 (calendar year).
- Penalty Amount: $3,281,960.97.
- Reason: Levy of penalty and pending tax payment for the mentioned period.
- Company’s Response: Infosys stated that it is in the process of seeking clarifications on the pending tax amounts and penalty.
Despite the financial hit, Infosys clarified that the penalty will not have a material impact on its financials or operations. However, the news of the penalty has added to investor concerns, leading to a drop in the company’s share price.
TOPICS:
Infosys