Coforge share price cracks 9% after Chairman OP Bhatt resigns following audit | Other IT stocks also in red

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Shares of Coforge declined nearly 9% on Wednesday, 9 September after the company announced the resignation of non-executive Independent Director and Chairperson Om Prakash Bhatt with immediate effect on September 8, 2026.
The IT stock fell as much as 8.7% to its day's low of ₹1,780.10 per share on BSE.
"Pursuant to Regulation 30 and other applicable provisions of the SEBI Listing Regulations, it is hereby informed that the members of the Board of the Company have noted the resignation of Non-Executive Independent Director and Chairperson of the Company, Mr. O P Bhatt (DIN: 00548091) with immediate effect. The Board wishes to thank Mr. Bhatt for his services. Accordingly, he also ceases to be member of the Committees of the Company with immediate effect. There is no other material reason for his resignation other than the reason stated in his resignation email dated September 8, 2026," it said in an exchange filing.
Further, the Board also decided to designate Mr. Vivek Sharma, Non-Executive Independent Director, as interim Chairperson of the company till January 31, 2027, added the company.
Coforge has disclosed that its internal auditor identified certain concerns during a review of the company's Board Evaluation Exercise and the resulting Board Evaluation Report (BER). The review was carried out as part of the company's internal audit plan for Q2 FY26, which identified certain concerns regarding the manner in which the Board dealt with and presented the BER. These included concerns that certain material information relating to the BER and the Chairman's performance was not fully disclosed to the Board when the report was presented. This ultimately lead to Chairman Bhatt tendering his resignation from the Board with immediate effect on September 8, 2026.
However, the Board had not reached a final decision on the matters that had been raised with him.
The company said that while Bhatt maintained that he had acted in good faith, he tendered his resignation from the Board with immediate effect on September 8, 2026.
Coforge has sought to make it clear that the issues identified during the Board Evaluation Exercise are separate from the company's financial reporting, financial statements and business operations.
“The matters referred to in our intimation dated September 9, 2026 dealing with the Board Evaluation Exercise conducted in March/April 2026, for the previous year, do not in any way relate to the Company's financial statements or financial reporting or to any financial matters of the Company. Such matters solely relate to the Board Evaluation Exercise which is a regulatory requirement.”
The company added that the Board and management team continue to support the business and operations as usual, while remaining focused on executing its business and growth plans.
Coforge shares have continued to deliver strong returns for shareholders. The stock rallied more than 100% in less than six months from its 52-week low of ₹1,008.50 in March to hit a fresh 52-week high of ₹2,021.95 on August 31.
The stock has risen 5% in one month, 32% in three months and 60% in six months. However, it was up 10% over the past one year.
Meanwhile, Coforge has scheduled a meeting of its Board of Directors for Friday, October 23, 2026. The Board will, among other matters, consider and approve the unaudited consolidated and standalone financial results for the quarter and half year ended September 30, 2026.
Coforge's development came amid broad weakness across the IT sector on Wednesday, September 9. Other IT stocks, including Tech Mahindra, Mphasis, Infosys and TCS, among others, crashed after the opening bell, dragging the Nifty IT index nearly 4% lower.
Infosys also lost around 4%, while Tech Mahindra, HCL Tech, TCS, Mphasis, Persistent Systems and Wipro shed between 2-3% each.
Jigar S Patel, Senior Manager - Technical Research, Anand Rathi Share and Stock Brokers Limited believes that Coforge is showing a short-term corrective phase after a strong rally from the ₹1,400–1,500 zone.
Support: ₹1,780–1,738 is the immediate support zone, supported by the 20-EMA and 50-EMA. A sustained move below ₹1,738 may weaken the structure and open the way towards ₹1,650–1,630.
Resistance: ₹1,855–1,900 is the immediate resistance zone. A decisive close above ₹1,900 can revive momentum towards ₹2,000.
The daily RSI has cooled to 48.88, indicating neutral momentum, while Stochastic is turning lower. DMI shows ADX at 38.46, suggesting the broader trend remains strong, although short-term weakness is visible, Patel added.
Meanwhile, Sachin Gupta, VP – Technical Research at Choice Broking also noted that the IT stock is in consolidation phase.
According to Gupta, Coforge has been consolidating within a broad range, with the ₹2,020 zone acting as a major resistance on the weekly chart. The stock has rebounded strongly from the sub- ₹1,100 area, reclaiming key moving averages and forming a series of higher lows, indicating improving underlying strength.
The stock is currently facing rejection near its all-time high and undergoing a pullback. The ₹1,755– ₹1,760 zone remains the key support and a successful retest here would keep the broader uptrend intact. A break below ₹1,755, however, could lead to further weakness towards the moving averages, added the expert.
"On the upside, a decisive breakout above ₹2,020, backed by strong volumes, would signal a fresh breakout and could open the way for further upside towards ₹2,300– ₹2,500," he recommended.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience. <br><br> Her core areas of coverage include stock markets, leading listed companies, currencies, and commodities, with a particular strength in fast-paced, real-time market reporting. She is known for handling breaking market news, earnings-driven stock movements, and macroeconomic developments with speed, accuracy, and context—qualities that are essential in financial journalism. <br><br> Pranati has built a diverse and credible professional track record across some of India’s most respected news organisations, including MintGenie, CNBC-TV18, Business Standard and EconomicTimes.com. During her stints at these platforms, she produced data-driven market stories, curated and steered live blogs during volatile trading sessions, and conducted interviews with market veterans, fund managers, economists, and industry experts. Her work often combines on-ground reporting with analytical depth, helping readers make sense of daily market fluctuations and longer-term trends. An alumnus of the Symbiosis Institute of Media and Communications and Hansraj College, University of Delhi, Pranati brings a strong academic foundation to her journalism. She specialises in real-time financial reporting, with a keen focus on precision, balance, and insight, aiming to decode market movements in a way that is both informative and accessible to readers across experience levels.
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