KPIT Tech shares plunge 9.5%; company denies stake sale buzz

Shares of KPIT Technologies plunged 9.5 per cent today amid reports of promoters selling stake and cancellation of dividend, even as the company denied such rumours.
The stock tumbled 9.08 per cent to settle at Rs 90.15 on the BSE. During the day, it slumped 14.22 per cent to Rs 85.05 -- its 52-week low.
At the NSE, it dipped 9.51 per cent to close at Rs 89.90.
The company's market value declined by Rs 173.97 crore to Rs 1,775.03 crore.
Earlier in the day, BSE had sought clarifications from KPIT Technologies with reference to news that there are rumours on social media and financial websites that promoters are selling stake and cancellation of dividend.

In a filing to the BSE, KPIT Tech said, "We would like to clarify that the promoters are not selling their stake.
"Secondly, there has been no change in the shareholding of foreign institutional investors and domestic institutional investors which, in fact, has marginally increased from 54.06 per cent to 54.15 per cent, according to last week's shareholding data."
"The board of directors of the company have proposed to the shareholders, declaration of dividend at the rate of 55 per cent (Re 1.10 per share) at the forthcoming annual general meeting and there is no thought of cancellation of this dividend," the filing added.