HCL Tech shares down over 2 pc, mcap drops by Rs 2,831 cr

Shares of HCL Technologies today fell by over 2 per cent a day after the company said its board has approved up to Rs 4,000 crore buyback plan.

The stock declined 2.03 per cent to close at Rs 984.85 on the BSE. Intra-day, it lost 2.75 per cent to Rs 977.60.

On the NSE, shares of the company went down by 2.25 per cent to end at Rs 983.35.

The company's market valuation fell by Rs 2,830.83 crore to Rs 1,37,131.17 crore.

In terms of equity volume, 3.31 lakh shares of the company were traded on the BSE and over 57 lakh shares changed hands on the NSE during the day.

HCL Technologies yesterday said its board has approved up to Rs 4,000 crore buyback plan, involving up to 3.63 crore shares at a price of Rs 1,100 per equity share.

In a regulatory filing yesterday, HCL Technologies said: "...the board of directors of the company, in its meeting ... have approved the buy-back of up to 3,63,63,636 fully paid up equity shares of the company of face value of Rs 2 each...at a price of Rs 1,100 per equity share payable in cash...".