HCL Technologies drops as Shiv Nadar Foundation offloads stake

HCL Technologies fell 0.47% to Rs 2,054.95 at 14:19 IST on BSE after the company said that Shiv Nadar Foundation sold its entire holding in the company in the open market today, 9 March 2015.

The announcement was made before market hours today, 9 March 2015.

Meanwhile, the S&P BSE Sensex was down 529.48 points or 1.8% at 28,919.47

The counter clocked huge volume. On BSE, so far 60.85 lakh shares were traded in the counter as against average daily volume of 66,239 shares in the past one quarter.

The stock hit a high of Rs 2,069.30 and a low of Rs 1,975 so far during the day. The stock hit a record high of Rs 2,075 on 5 March 2015. The stock hit a 52-week low of Rs 1,257 on 19 May 2014.

The stock had outperformed the market over the past one month till 5 March 2015, rising 4.69% compared with 2.07% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 29.44% as against Sensex's 3.48% rise.

The large-cap IT firm has an equity capital of Rs 140.54 crore. Face value per share is Rs 2.

HCL Technologies said that the Shiv Nadar Foundation sold its entire holding of 56 lakh shares or 0.8% stake in HCL Technologies in the open market today, 9 March 2015. Governance, tax and legal regulations required the Foundation to sell its holding in HCL Technologies by 31 March 2015, the Shiv Nadar Foundation said. The sale of shares took place to fulfill these conditions, it said. The proceeds of this sale will be used to realise various objectives and initiatives of the Foundation, it said. This transaction was concluded at one go at a discount to the last closing price of HCL Technologies to avoid any overhang in the market for shareholders of HCL Technologies, the Shiv Nadar Foundation said.

HCL Technologies' consolidated net profit rose 2.3% to Rs 1915 crore on 6.3% growth in revenue to Rs 9283 crore in Q2 December 2014 over Q1 September 2014.

HCL Technologies is a leading global IT services company working with clients in the areas that impact and redefine the core of their businesses.

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