HCL Tech plunges on stake sale by CEO Vineet Nayar

Shares of software services major HCL Technologies today fell over one percent following the company’s Vice Chairman and CEO Vineet Nayar selling off his stake in the firm.

Defying a strong broader market, HCLT shares fell 1.41 percent to Rs 488 after a positive start at the BSE. On the NSE, the scrip lost 1.41 percent to Rs 488.60. Vineet Nayar sold 27,00,000 equity shares of Rs 2 each (0.3896 per cent) held by him for Rs 133.58 crore. Post the transaction, his shareholding in the company has become nil. Of the 27 lakh shares, 17 lakh shares were held in the name of two trusts, a filing to the BSE said. Nayar has been part of the company since 1985 and is currently functioning as the CEO and Vice-Chairman.

[caption id=“attachment_338855” align=“alignleft” width=“380” caption=“Reuters”] [/caption]

HCL Technologies said Nayar has been involved in philanthropic causes through his own NGO, Sampark, which he established in 2004. He had also transferred part of his investments in HCLT shares to two trusts.

Of the 27 lakh shares sold by Nayar, 17 lakh shares were held in the name of two trusts, the company had said in a regulatory filing to the BSE on Friday. The BSE benchmark Sensex, meanwhile, was trading 132.01 points up at 16,850.88 at 1100 hrs.

Agencies