Bharti Hexacom shares slump nearly 4% after two directors resign
Upstox
2 min read • Updated: April 15, 2024, 6:56 PM
Summary
Shares of Bharti Hexacom saw a sharp decline on Monday, April 15, 2024. The stock price slipped by 4% after the announcement of two directors resigning from their positions. Bharti Hexacom was recently listed on the exchanges after its IPO with a total issue size of ₹4,275 crore, making it the largest IPO in about a year.
Bharti Hexacom, a communications solutions provider, saw its share price tumble on Monday. The stock price fell nearly 4% in intraday trading after two of its directors—Mr. Akhil Mittal and Mr. Pankaj Miglani—resigned from the board. The stock price reached an intraday high of ₹791 on Monday, before falling sharply to ₹758 by the close of trading. This represents a decline of nearly 4.2% in the share price.
The reason behind these resignations are yet to be announced by Bharti Hexacom. However, according to some experts, one of the possible reasons is that the directors may not have been aligned with the company’s roadmap to the future.
Bharti Hexacom has not yet issued an official statement on the reasons behind the directors’ resignation. Therefore, investors are keeping a keen eye on the clarifications on the reasons.
Bharti Hexacom had a successful IPO listing on Friday, April 12, 2024. The company’s shares opened at ₹755 on the NSE and BSE, a premium of 32.4% compared to the issue price of ₹570 per share. On listing day, the stock witnessed strong buying interest, rising another 16.5% to ₹879.90, taking the overall listing gains to 54.35%. However, the stock gave up some of the intraday gains to close at ₹814 apiece.
Prior to the IPO, Bharti Hexacom secured ₹1,924 crore from prominent anchor investors like Fidelity, Capital Group, Blackrock, and ADIA.