Hexaware Tech crashes over 16.5%

Hexaware Technologies crashed over 16.5% today to Rs.415.20 and remains the top loser on the BSE. Its 52-week high and low is at Rs.557.40 and Rs.258.85 respectively. Its 20% LC is at Rs.398.20.

The stock price fell after the company saw block deals involving 23.3 million shares changing hands. This is no small amount of shares – it represents 7.8% stake of the company. The exchange though has not provided any detail of the buyer and seller.

Yesterday there was a media report stating that Baring Private Equity Asia is looking at selling its stake at a floor price of Rs.447.50/share. Baring had acquired 42% stake in 2013 and after that hiked it to 71.25% throughHT Global IT Solutions Holdings Ltd, which was done through an open offer.

Thus stake sale by Barings has jittered the marketmen, with many preferring to exit while some have adopted a wait-and-watch attitude.