Hexaware Technologies falls 19% after huge block deals

The stock dipped 19% to Rs 401 on the National Stock Exchange in early morning trade after a more than 10% of equity of information technology firm changed hands on the counter via block deals.

Shares of Hexaware Technologies dipped 19% to Rs 401 on the National Stock Exchange (NSE) in early morning trade after more than 10% of equity of the information technology firm changed hands on the counter via block deals. The stock has slipped 17% at Rs 415 on the BSE in intra-day trade so far.

Till 09:23 am; a combined 40.06 million equity shares representing 13.5% of total equity of Hexaware Technologies changed hands on the NSE and BSE, the exchanges data shows.

The name of the buyers and sellers were not ascertained immediately.

According to media reports, the private equity major Baring Private Equity Partners Asia will sell about 8.4% stake of the Hexaware Technologies through block deals for about Rs 11.20 billion. The floor price of the stake sale fixed at around Rs 447.5 per share.

As of June 30, 2018, Baring PE Asia, the promoter of Hexaware Technologies holds a 71.22% stake in the IT Company, through an entity called HT Global IT Solutions Holdings Ltd.

Hexaware Technologies had outperformed the market by surging 81% in past one year, against 21.3% rise in the benchmark index till Thursday.

Currently, the stock was trading 14% lower at Rs 426 on the NSE, as compared to 0.04% rise in the Nifty 50 index.