Coforge Shares Crash 8 Percent as Chairman Om Prakash Bhatt Resigns Amid Internal Investigation Into Board Evaluation

Coforge shares suffered a sharp downturn during Wednesday's trading session, plummeting 8 percent following the sudden resignation of Chairman and Independent Director Om Prakash Bhatt. Effective immediately, the abrupt departure marked the single-day largest drop for the information technology company's stock since April 2025. Investors reacted nervously to the unexpected leadership vacuum, though company executives rushed to reassure markets regarding the operational stability of the firm amidst the unfolding corporate governance development.Internal Investigation and Board Evaluation Controversy Surrounds ResignationThe high-profile exit unfolded while the Coforge board was actively reviewing responses related to an internal investigation conducted during the second quarter of fiscal year 2026. The internal review scrutinized a board evaluation process previously overseen by the chairman himself. According to regulatory filings, the review flagged concerns regarding the methodology and presentation of the evaluation, noting that certain details concerning the chairman's performance were omitted when findings were initially presented. In his resignation statement, OP Bhatt defended his actions as well-intentioned, noting that persistent differences over the evaluation process prompted his decision to step down to preserve the effective functioning of the board.Company Clarifies Financial Standing While Vivek Sharma Takes Over as Interim ChairmanSeeking to calm jittery investor sentiments, Coforge formally clarified that the board evaluation and subsequent resignation are completely unrelated to the company's robust financial position or day-to-day business operations. Swiftly moving to ensure leadership continuity, the Coforge board appointed non-executive independent director Vivek Sharma to serve as interim chairman. Sharma will hold the leadership reins through January 31, 2027, as the company steers through the transition and focuses on restoring market confidence.