Hexaware Technologies tanks 19 pc on stake sale reports

Shares of Hexaware Technologies today slumped as much as 19 percent in morning trading on bourses amid reports that Baring PE Asia is selling stakes worth around Rs 1,100 crore.

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

Following this, shares of Hexaware Technologies opened on a weak note at Rs 453, then fell to a low of Rs 415.20, down 16.57 percent 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 percent over its last close.

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

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

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)