Hexaware Tech tanks 14 pc; m-cap down by Rs 1,965 cr

Shares of Hexaware Technologies today plunged 14 per cent following reports that Baring PE Asia is selling stake worth around Rs 1,100 crore.

According to the reports, Baring PE Asia through an entity called HT Global IT Solutions Holdings will sell stake worth around Rs 1,120 crore.

Following this, shares of Hexaware Technologies opened on a weak note at Rs 453, then tumbled to a low of Rs 415.20, down 16.57 per cent from its previous closing price.

The stock recovered some lost ground and finally ended at Rs 431.50, down 13.30 per cent on the BSE.

Following the downtrend, the market capitalisation of the company eroded by Rs 1,964.71 crore to Rs 12,809.30 crore.

Similar movement was seen on the NSE as well, where the stock opened at Rs 452, then fell to a low of Rs 401.10, down 19.24 per cent over its last close. The stock finally settled at Rs 425.40, down 14.35 per cent.

HT Global is the investment vehicle through which Baring Asia holds a controlling stake in the company.

As per June quarter data, HT Global IT Solutions Holdings holds 21,13,18,590 shares, amounting to 71.22 per cent stake in the company.