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HCL Tech Tumbles 5% On Likely Management Reshuffle

Shares of HCL Technologies, country's fourth largest software services provider by market cap, fell as much as 5.4% to intraday low of Rs 459.75 after media reports that the company is heading for a major management reshuffle.

There were also reports that rumours of its CEO Vineet Nayar quitting or moving to another position have been doing the rounds ever since he sold all his equity shares in the company on June 9. Recently Nayar sold 27 lakh shares to raise Rs 134 crore.

At 14:03 hours IST, the share was trading at Rs 464.60, down 4.41%. Market capitalisation of the company currently stands at Rs 32,202.00 crore.

Its trading volumes increased 102% to 98,698 shares as compared to its 5-day average of 48,854

HCL Tech