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Coforge shares slide after chairman Om Prakash Bhatt resigns
Bhatt’s resignation follows board evaluation issues, and Vivek Sharma was named interim chair until Jan. 31, 2027.
Coforge shares extended their losses on Thursday after the company’s chairman, Om Prakash Bhatt, resigned ahead of his term ending in April 2027, LiveMint Markets reported. The move came after an internal audit flagged discrepancies in board evaluation processes, disclosure of certain material information, and aspects related to the chairman’s performance.
An internal audit also pointed to concerns around board functioning and possible influence by private equity firm Advent, according to the same report. Vivek Sharma was appointed interim chairperson until Jan. 31, 2027, while shareholders had previously voted against Bhatt’s reappointment at Coforge’s annual general meeting in August.
Coforge said the board evaluation has no bearing on company operations, performance, or guidance. The market focus now shifts to the timing and expectations around a permanent chairman and whether any strategic changes follow the interim appointment.
Despite the leadership shakeup, Coforge highlighted ongoing fundamentals, including targets to double revenue from about $2.5 billion to $5 billion by FY30. The firm reported order intake of $691 million in Q1, an executable order book of $2.23 billion, up 44% year over year, and noted a $230 million deal expected to contribute to Q2 deal wins.