India's Coforge chair exit is not a governance red flag, says CLSA

Coforge

10/09/2026 05:43

** IT company Coforge's COFO.NS board chairman OP Bhatt's exit is not a red flag, says CLSA, adding that several facts underscore no major governance lapses 
** CEO Sudhir Singh's strong track record, thoroughly scanned/screened books by PE firms and a very credible Big-4 internal auditor - KPMG - support COFO's claims of high governance standards - CLSA
** Adds, rise in number of independent directors on COFO's board and across key committees is positive
** Reiterates "high conviction outperform" at PT of 1,950 rupees
** Stock rated "buy" on avg by 34 brokerages, median PT at 1,950 rupees - LSEG-compiled data
** COFO rises as much as 1.8% on the day
** In previous session, COFO lost 5.4% following chairman's resignation after an internal audit raised concerns over his presentation of Board Evaluation Report
** YTD, COFO up 11.6%, outperforming Nifty IT index's .NIFTYIT 23.3% drop

(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))