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Cognizant says conducting corruption investigation, shares slump
September 30, 2016 / 1:52 PM / a year ago

Cognizant says conducting corruption investigation, shares slump

Sept 30 (Reuters) - IT services provider Cognizant Technology Solutions Corp said on Friday it was conducting an internal investigation into possible violations of the U.S. Foreign Corrupt Practices Act and other laws.

Cognizant shares fell as much as 12.3 percent to $48.25 in early trading, their lowest in two years.

The company said it was investigating whether certain payments relating to facilities in India were made improperly. The investigation is in its early stages, it said.

Cognizant said it had notified the United States Department of Justice and the United States Securities and Exchange Commission about the probe. (bit.ly/2dcrYGi) (Reporting by Anya George Tharakan in Bengaluru; Editing by Ted Kerr)

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