New York, May 21: Shares of Nasdaq listed iGate Corp plunged over nine per cent to USD 14.90 in early trade on Tuesday, 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He has been replaced by interim CEO Gerhard Watzinger.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 "few months." He claimed that he had a personal relationship with iGate's Head of Investor Relations Araceli Roiz but did not violate the company policy for he informed the company about it a few weeks ago, after ending the relationship.
"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.