HCL Tech shares fall 5% on reports of a management shakeup

HCL Tech shares fall 5% on reports of a management shakeupThe shares of HCL Technologies fell by as much as 5 per cent today after reports emerged suggesting that the company is planning a major management shakeup.

The country's fourth largest software services provider fell 5.4% to intraday low of Rs 459.75 after a report said that the a major management reshuffle is being planned and CEO Vineet Nayar might leave or will be transferred. The speculation about Nayar's possible exit started on June 9 when he sold all of his shares in the company. He sold 27 lakh shares for about Rs 134 crore in the market.

The shares of the company were trading at Rs 464.60, down 4.41 per cent. The market capitalization of the company now stands at Rs 32,202.00 crore. The trading volume for the shares increased 102 per cent to 98,698 shares compared to a five day average of 48,854 shares.

Some officials closer to the matter say that some senior management executives closer to Nayar are quitting. The officials who might quit the company may include Sandip Gupta, deputy CFO and Animesh Parihar, head of the SAP business. Some suggest that Virender Aggarwal, who headed HCL's APAC operations also left earlier in April due to his links with Nayar.




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