Shiv Nadar-led HCL Corp has refuted media reports that the company has plans to exit from its information technology subsidiary HCL Technologies Ltd.

Citing unnamed sources, some media channels recently reported that HCL Founder Shiv Nadar was mulling a plan to sell his stake in HCL Technology for $10 billion.

But the company refuted the reports, saying there was no plan to sell its controlling stake in the information technology service provider.

A spokesperson for HCL Tech said reports of the founder planning to offload his stake in the firm were speculative. Refuting the reports, the spokesperson said, "HCL Corporation denies any plans to exit HCL Technologies."

Earlier, in November 2013, Shiv Nadar had said that he had no intention to sell his stake in HCL Tech for the next ten years.

According to shareholding data available through the Bombay Stock Exchange (BSE), Mr. Nadar owns 61.75 per cent stake in the company.

According to analysts, HCL Tech has been constantly giving good performance for the past few quarters. The information technology firm reported better than expected results for the December quarter. Its consolidated net profit jumped 58.4 per cent, from Rs 944 crore in third quarter of FY2012-13 to Rs 1,496 crore in the same quarter of FY2013-14.