Shares of Mumbai-based Hexaware Technologies fell over 19 percent to Rs 401.01 on Friday, the IT company's biggest daily loss in a span of over three years.
It has ranged between a high of Rs 452.20 and a low of Rs 401.10, after opening at Rs 452 on the NSE.
Shares tanked after reports that Barings Asia will sell Rs 1,100 crore ($156.94 million) worth of shares at a floor price of Rs 447.50 per share, Reuters reported.
Barings Private Equity Asia through its investment holding company, HT Global IT Solutions Holdings, offered around 2.5 crore shares, equalling to 8.4 percent of the IT firm, it added.
More than 5 crore shares traded as of 11:37 AM, nearly 30 times their 30-day average of 19 lakh shares.
Barings PE Asia held 71.22 percent equity in the software company as of June 2018. It purchased 42 percent equity stake in the company from its founder Atul Nishar and PE firm General Atlantic in 2013, followed by buyout of additional stake through open offer.
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