HCL Tech hits three-month low on management reshuffle buzz

The stock is underperforming the market by falling 6.2% from Rs 502, compared to a 3% rise in the sector index IT on the BSE since Vineet Nayar sold entire stake in the company

HCL Technologies has dipped over 3% at Rs 471 in otherwise firm market          on reports that information technology consulting and software provider is heading for a major management reshuffle as some senior executives close to CEO Vineet Nayar are quitting along with Nayar.

Vineet Nayar has sold all his 2.7 million equity shares of Rs 2 each in the company for Rs 134 crore on June 7 to fund his philanthropic activities.

The stock is underperforming the market since then, by falling 6.2% from Rs 502, compared to a 3% rise in the sector index IT on the Bombay Stock Exchange (BSE). The benchmark index Sensex has appreciated by 3.9% during the same period.

 

The stock opened at Rs 487 and hits a three-month low of Rs 470 on the National Stock Exchange. A combined 354,831 shares have changed hands on the counter in morning deals on both the exchanges.