Shares of Infosys Ltd. advanced as much as 3.7% on Tuesday after receiving a favourable US court ruling in the infamous Jack Palmer case.
At 2:22 pm (IST), the stock was trading at Rs 2,408, up Rs 57.10 from the previous close. The stock hit a day's high of Rs. 2,438 after opening at day's low of Rs. 2,362.
Total traded quantity on the counter stood at ~1.28 lakh shares on BSE versus a two-week average of 70,000 shares.
Infosys said today that it has prevailed in its defense of a lawsuit filed by one of its employees, Jack “Jay” Palmer.
United States District Judge Myron H. Thompson found no basis to support any of the charges filed by Palmer and dismissed the case entirely, writing, “Judgment is entered in favor of defendants Infosys Technologies Limited Incorporated and Infosys Limited and against plaintiff Jack “Jay” Palmer, Jr., with plaintiff Palmer taking nothing by his complaint.”
Judge Thompson further ordered costs against Mr. Palmer, according to Infosys.
Infosys released the following statement shortly after learning of the judge’s decision:
“Today’s decision confirms what we have been saying from the beginning: Mr. Palmer’s claims of retaliation were completely unfounded. This is a company built on core values that include leadership by example, integrity and transparency. Those values always have and will continue to shape the way we do business with our clients and, without exception, the way we treat our people. We are pleased to consider this matter officially closed.”
Infosys wins US lawsuit vs. Jack Palmer