Senapaty sells 85,000 Wipro shares for Rs 3.6 cr

Our Bureau Bangalore | Updated on February 04, 2011

Mr Suresh Senapaty, Executive Director and CFO, Wipro Limited, addressing at a press conference in Bangalore on Friday. Photo: G R N SOMASHEKAR   -  Business Line

Mr Suresh C. Senapaty, Executive Director and Chief Financial Officer, Wipro Ltd, sold 85,000 Wipro shares, for Rs 3.6 crore on Tuesday. He now holds 53,083 shares of the company.

This is the second case of a high-profile Bangalore-based IT executive selling his company's shares in the recent past. Just last month, Mr Mohandas Pai, a member of the board and Director-HR, Infosys Technologies, sold 50,000 shares, which got him over Rs 16 crore.

Commenting on this, Mr Karthik Ananth, Director, Zinnov, a consulting firm, said, “Shares may be sold for individual reasons or for diversification of portfolio, or to invest in charities. So, it would not be right for anybody to comment on it.” He also didn't find it unusual that a top executive was selling shares in his own company.

Internationally, Mr Steve Ballmer, Chief Executive Officer of Microsoft, sold 49.3 million shares of his company for about $1.3 billion in November 2010, raising speculation that he was on his way out.

What makes Mr Senapaty's share sale interesting is the timing. It does raise some concerns considering the fact that two top Wipro executives, Mr Girish Paranjpe and Mr Suresh Vaswani, recently left the company. As another analyst pointed out, “Mr Senapaty's share sale could trigger speculation about his plans.”

Published on February 04, 2011

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