Hexaware Technologies stock tanks 19% on reports of stake sale by promoter
Hexaware Technologies share opened on a weak note at Rs 453, then fell to a low of Rs 415.20 amid reports that Baring PE Asia is selling its stake worth around Rs 1,100 crore.
The Hexaware Technologies stock fell up to 19 per cent amid reports that Baring PE Asia is selling its stake worth around Rs 1,100 crore. Baring PE Asia through an entity called HT Global IT Solutions Holdings will sell stakes around Rs 1,120 crore, reports said. Shares of Hexaware Technologies opened on a weak note at Rs 453, then fell to a low of Rs 415.20, down 16.57 per cent from its previous closing price.
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. This is the stock's biggest daily loss in over three years.
On the volume front, Hexaware Technologies was the top gainer with over 68 lakh shares changing hands in 45,555 trades at 2:08 pm. The stock's turnover was also the highest on the BSE which came at 30,064 lakh.
Three of 18 brokerages rate the stock 'outperform', four "hold", six "underperform" and five "sell", according to analysts recommendations on Reuters.
HT Global is the investment vehicle through which Barings Asia holds a controlling stake in company.
As per the June quarter, HT Global IT Solutions Holdings has 21,13,18,590 shares, amounting to 71.22 per cent stake in the company.
The stock hit its 52-week high of 557.40 on July 9, 2018 and 52 week low level of September 27, 2017.
The midcap stock has gained 58.63% during the last one year and 28% since the beginning of this year.
Hexaware Technologies is a provider of information technology, business process outsourcing and consulting services. The company is engaged in computer programming, consultancy and related activities, IT consulting, software development and business process management.
Its segments include travel and transportation, banking and financial Services, insurance and healthcare, and manufacturing, consumer and others.