Indian IT firm Persistent Systems drops after report that key client UnitedHealth faces criminal probe
(Reuters) -Shares of Persistent Systems declined 3% on Thursday, the most among Indian IT services providers, after a media report said that key client UnitedHealth Group was under a criminal probe for possible Medicare fraud.
The U.S. Department of Justice's healthcare-fraud unit is overseeing the criminal investigation, which focuses on UnitedHealth's Medicare Advantage business practices, the Wall Street Journal had reported. The company said it stood by the integrity of the program.
UnitedHealth is one of Persistent Systems' top five clients and has an "over $100 million relationship" with the company, said Rahul Jain, an IT analyst at Dolat Capital.
It was not clear how much of Persistent Systems' revenue is linked to UnitedHealth. The company did not respond to a Reuters email seeking comment.
The stock was set for its worst day in one month and the biggest drag on the IT index, which was up 0.4%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
13 minutes ago
- Business Upturn
Nifty 50 top gainers this week (June 7): Eternal, Shriram Finance, Dr. Reddy's, Mahindra & Mahindra and more
Indian stock markets closed the week on a positive note, rebounding after two straight weeks of losses. A surprise policy pivot by the Reserve Bank of India (RBI) boosted investor sentiment, especially in rate-sensitive sectors such as financials and real estate. The NSE Nifty 50 index climbed 1% on Friday to close at 25,003, while the BSE Sensex surged 747 points on Friday to end at 82,189. The Nifty Bank index also gained traction, rising nearly 2% during the week to finish at 56,578. Several Nifty 50 stocks posted impressive weekly gains, with Eternal, Shriram Finance and Dr. Reddy's leading the charge. Let's take a look at the top gainers of Nifty 50 this week, as per Trendlyne data. Top Stock Gainers This Week (Ending June 7, 2025) Eternal gained 9.9% this week, closing at ₹261.9. Shriram Finance rose 7.7% , ending the week at ₹688.3. Dr. Reddy's Laboratories increased 5.6% , with a closing price of ₹1320.9. Mahindra & Mahindra advanced 4.4% , closing at ₹3106.5. Adani Ports & Special Economic Zone was up 2.7% , settling at ₹1471.7. Hindalco Industries added 2.6% , finishing the week at ₹650.2. Cipla also gained 2.6% , with a closing value of ₹1504.2. Jio Financial Services climbed 2.6% , ending at ₹294.0. Trent moved up 2.4% , closing the week at ₹5777.0. Power Grid Corporation edged higher by 2.1%, with a closing price of ₹295.8. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Dr Reddy'sEternalMahindra & MahindraShriram FinanceStock Market Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Business Upturn
13 minutes ago
- Business Upturn
Nifty 50 top losers this week (June 7): HDFC Life, TCS, Tata Steel, SBI Life, Bajaj Finserv, Tata Motors and more
By Aman Shukla Published on June 7, 2025, 10:06 IST Indian stock markets closed the week on a strong footing, bouncing back after two consecutive weeks of losses. The bullish sentiment was fueled by a surprise policy pivot from the Reserve Bank of India (RBI), which provided a boost to investor confidence, particularly in interest rate-sensitive sectors like financials and real estate. The benchmark NSE Nifty 50 index rose by 1% on Friday, closing at 25,003. Meanwhile, the BSE Sensex surged 747 points on Friday to settle at 82,189, as market optimism returned. The Nifty Bank index also saw strong gains, rising nearly 2% to end the week at 56,578. Several major stocks underperformed this week, with HDFC Life, TCS and Tata Steel leading the losses. Let's take a closer look at the top 10 losers of the Nifty 50 this week, according to Trendlyne. Nifty 50 Top Losers This Week HDFC Life Insurance closed at ₹755.1, falling 2.8% over the week. Tata Consultancy Services ended at ₹3,384.2, registering a 2.3% weekly decline. Tata Steel settled at ₹157.5, down 2.2% for the week. SBI Life Insurance closed at ₹1,780.6, slipping 1.7% over the past five sessions. Bajaj Finserv finished at ₹1,990.0, losing 1.4% on a weekly basis. Tata Motors closed at ₹711.0, down 1.2% this week. Hero MotoCorp ended the week at ₹4,268.0, falling 1.0% . Asian Paints closed at ₹2,245.2, down 0.6% over the week. Larsen & Toubro ended at ₹3,656.3, declining 0.5% . Wipro closed at ₹248.6, marking a 0.4% fall this week. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Bajaj FinservHDFC LifeNifty 50SBI LifeTata MotorsTata SteelTCS Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Yahoo
40 minutes ago
- Yahoo
Riot police, anti-ICE protesters square off in Los Angeles after raids
By Jane Ross and Steve Gorman LOS ANGELES (Reuters) - Helmeted police in riot gear turned out on Friday evening in a tense confrontation with protesters in downtown Los Angeles, after a day of federal immigration raids in which dozens of people across the city were reported to be taken into custody. Live Reuters video showed Los Angeles Police Department officers lined up on a downtown street wielding batons and what appeared to be tear gas rifles, facing off with demonstrators after authorities had ordered crowds of protesters to disperse around nightfall. Early in the standoff, some protesters hurled chunks of broken concrete toward officers, and police responded by firing volleys of tear gas and pepper spray. Police also fired "flash-bang" concussion rounds. It was not clear whether there were any immediate arrests. An LAPD spokesperson, Drake Madison, told Reuters that police on the scene had declared an unlawful assembly, meaning that those who failed to leave the area were subject to arrest. Television news footage earlier in the day showed caravans of unmarked military-style vehicles and vans loaded with uniformed federal agents streaming through Los Angeles streets as part of the immigration enforcement operation. U.S. Immigration and Customs Enforcement agents targeted several locations, including a Home Depot in the city's Wetlake District, an apparel store in the Fashion District and a clothing warehouse in South Los Angeles, according to the Los Angeles City News Service (CNS). CNS and other local media reported dozens of people were taken into custody during the raids, the latest in a series of such sweeps conducted in a number of cities as part of President Donald Trump's extensive crackdown on illegal immigration. The Republican president has vowed to arrest and deport undocumented migrants in record numbers. The LAPD did not take part in the immigration enforcement action. It was deployed to quell civil unrest after crowds protesting the deportation raids spray-painted anti-ICE slogans on the walls of a federal court building and massed outside a nearby jail where some of the detainees were believed to be held. Impromptu demonstrations had also erupted at some of the raid locations earlier in the day. One organized labor executive, David Huerta, president of the Service Employees International Union of California, was injured and detained by ICE at one site, according to an SEIU statement. The union said Huerta was arrested "while exercising his First Amendment right to observe and document law enforcement activity." No details about the nature or severity of Huerta's injury were given. It was not clear whether he was charged with a crime. ICE did not immediately respond to a request from Reuters for information about its enforcement actions or Huerta's detention. Los Angeles Mayor Karen Bass issued a statement condemning the immigration raids, saying, "these tactics sow terror in our communities and disrupt basic principles of safety in our city."
