Hexaware share price cracks upto 19% on Baring PE Asia’s stake sale

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Updated: December 14, 2018 12:47:13 PM

Hexaware share price: Shares of Hexaware Technologies tanked up to 19% on the domestic bourses on Friday on reports of stake sale worth around Rs 1,100 crore by Baring Private Equity Asia.

hexaware tech, hexaware tech revenue growth, hexaware tech shareShares of Hexaware Technologies tanked up to 19% on the domestic bourses on Friday.

Hexaware share price: Shares of Hexaware Technologies tanked up to 19% on the domestic bourses on Friday on reports of stake sale worth around Rs 1,100 crore by Baring Private Equity Asia. According to media reports, Baring PE Asia will sell stakes of around Rs 1,120 crore through an entity called HT Global IT Solutions Holdings. Following the report, Hexaware Technologies’ share price slipped 16.57% to a low of Rs 415.20 per share on the BSE in early trade, after opening on a weak note at Rs 453.

On the National Stock Exchange, the company’s stock fell to a low of Rs 401.10, down 19.24% from its previous session’s close. This is the biggest one-day loss of Hexaware Technologies share price in over three years. At the time of writing this report, the company’s stock was trading lower by 13.34% at Rs 430.45 per share. The company’s stock had risen almost 46% in 2018 up to Thursday’s close.

Baring Private Equity Asia holds a controlling stake in Hexaware Technologies through HT Global IT Solutions Holdings. Baring PE Asia held 71.22% equity stake, or 21,13,18,590 shares in the software company as of June 2018 through HT Global.

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Meanwhile, in the domestic stock markets, the benchmark indices — Sensex and Nifty — traded in the negative territory dragged by financials and consumer stocks amid caution in the global markets. The BSE Sensex index was trading lower by 125.67 points or 0.33% at 38,211.09 points at the time of reporting. The NSE Nifty 50 index  was down 35.50 points or 0.31% at 11,547.25 points.

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