Infosys falls 2% on concerns over US employer eligibility review
India's No. 2 software services company, Infosys’ shares have fallen as much as 2 per cent due to concerns over a scrutiny by the U. S. authorities on possible errors in employer eligibility documents of its staff.
US' department of homeland security (DHS) has started reviewing employer eligibility for the company after it found some errors in identity verification forms of some of the employees. The shares of the company opened weak and further fell 1.79 per cent to Rs 2,363.05 on the Bombay Stock Exchange (BSE). The shares of the company also fell on the National Stock Exchange (NSE) by 2 per cent to Rs 2,358.
The US DHS is reviewing the employer eligibility verifications, after it found "significant percentage" of errors in Forms I-9 of some of its employees working in the country, Infosys said in a filing with the Securities and Exchange Commission.
Employers use Form I-9 is used to verify an employee's identity and to make sure that the employee is eligible to work in the US. All employees are required to complete an I-9 form at the time of their appointment.