Oct 29, 2013, 09.08 PM IST
The Wall Street Journal had earlier said that the United States was expected to announce a resolution in the case on Wednesday. In a statement, Infosys said a resolution had yet to be finalised.
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Infosys says in process of resolving US visa investigation
The Wall Street Journal had earlier said that the United States was expected to announce a resolution in the case on Wednesday. In a statement, Infosys said a resolution had yet to be finalised.
Like this story, share it with millions of investors on M3
Infosys says in process of resolving US visa investigation
The Wall Street Journal had earlier said that the United States was expected to announce a resolution in the case on Wednesday. In a statement, Infosys said a resolution had yet to be finalised.
US authorities have been investigating India's second-largest information technology services exporter since 2011.
The Wall Street Journal had earlier said that the United States was expected to announce a resolution in the case on Wednesday. In a statement, Infosys said a resolution had yet to be finalised.
"In response to reports attributed to Justice Department officials, Infosys is in the process of completing a civil resolution with the government regarding its investigation of visa issues and I-9 documentation errors," the company said.
"The resolution has not been finalized," it added.
Indian IT outsourcing firms like Infosys use thousands of visas to bring in employees, mainly from India, a practice that has come under intense scrutiny as it is seen by some US policymakers as hurting the American job market.
Earlier this month, Infosys said it had set aside a reserve of USD 35 million as it worked towards a resolution for the US government's investigation.
On October 29, 2013, Infosys closed at Rs 3334.90, up Rs 11.05, or 0.33 percent. The 52-week high of the share was Rs 3372.00 and the 52-week low was Rs 2190.00.
The company's trailing 12-month (TTM) EPS was at Rs 159.27 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 20.94. The latest book value of the company is Rs 627.95 per share. At current value, the price-to-book value of the company was 5.31.
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