Millennium Post

Murthy affair hits iGate scrip

Shares of Nasdaq-listed iGate Corp plunged over 9 per cent to $14.90 on Wednesday, after the company sacked its high profile chief executive Phaneesh Murthy, for not disclosing a relationship with a subordinate.

He has been replaced by interim CEO Gerhard Watzinger. Murthy denied charges of sexual harassment but admitted of being in relationship with a colleague for a' few months'.

'I do believe the charges (of sexual harassment) are incorrect and pursuant to the relationship I had with her over the past few months. I do not believe, I have violated any company policy...  I had spoken to the Chairman (iGate) about it,' he said.

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