Mphasis slipped 1.5% to an intraday low at Rs.1297.10 and remains around the same levels in the red. Its 20% LC for the day is at Rs.1052.50.
The stock is down on news that PE fund, Blackstone, which had bought from HP in 2016 is looking at making a complete exit.
Even in April this year, Blackstone had acquired a 4.01% stake in the company at Rs.525 crore at an average price of Rs.696/share.
It currently holds 56.21% stake and this stake sell will probably be one of the biggest gains. In 2016, it acquired 60.5% stake from HP at an average price of Rs.430/share and then it sold 8% in 2018 at an average price of Rs.926. Today, the entire stake is worth almost Rs.14,000 crore.
Blackstone making an exit is expected to trigger off an open offer in the stock.