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Shares of Hexaware Technologies slumped as much as 19 per cent in the morning trade on reports that Baring PE Asia is selling stake worth around Rs 1,100 crore.
According to reports, Baring PE Asia through an entity called HT Global IT Solutions Holdings will sell stake 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 per cent from their 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.
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 holds 21,13,18,590 shares, amounting to 71.22 per cent stake in the company.
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