Hexaware Plunges 5% On Reports Of Revenue Headwind

Hexaware Technologies witnessed a plunge of 5.26% in intraday trade on Wednesday as media reports that the company is experiencing a revenue headwind from Ernst & Young (EY), which is one of their top clients.    

Mumbai-based, Hexaware Technologies is majorly owned by Baring Private Equity Asia, with EY as one of its platinum clients. Around 15% of the company's overall revenue is derived from EY, with an annual IT outsourcing exposure worth USD 80 million. According to reports, the outsourcing figures has significantly come down post the IT strategy review done by EY.

At 12:00 hrs IST, the stock was trading at Rs 235.80, down by 2.42%. Shares of the company touched a low of Rs 228, in the intraday trade. The stock had hit its 52-week high of Rs 267.50 on June 6, 2017.

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About Suhani Varma