Coforge’s chairman and non-executive independent director O P Bhatt resigns with immediate effect following an internal audit review that flags concerns about the board evaluation process. Shares drop sharply in early trading, with multiple outlets reporting a decline of around 8% as investors react to the leadership change.
The company says the internal audit, carried out under its Q2 FY26 audit plan, examines how the board evaluation exercise is conducted and how the resulting report is handled and presented. According to Coforge’s disclosures cited by outlets, certain material information connected to or contained in the board evaluation report—including details related to Bhatt’s performance—was allegedly not fully disclosed to the board. The board communicates concerns to Bhatt and seeks an explanation, but at the time of his resignation, it says it is still examining his response.
Outlets differ mainly in emphasis: some focus on the market move and the sudden departure, while others foreground the audit finding about transparency in evaluation and disclosure. Coforge appoints Vivek Sharma, a non-executive independent director, as interim chairperson until January 31, 2027.
