KPIT Technologies fell 5.65% to Rs 93.55 at 12:13 IST on BSE on market rumours that promoters are selling stake in the company.
Meanwhile, the BSE Sensex was up 57.79 points, or 0.21%, to 27,787.46.
On BSE, so far 26.45 lakh shares were traded in the counter, compared with an average volume of 2.83 lakh shares in the past one quarter.
The stock hit a low of Rs 85.05 so far during the day, which is also a 52-week low for the counter. The stock hit a high of Rs 97 so far during the day. The stock hit a record high of Rs 232.70 on 23 January 2015.
The stock had underperformed the market over the past one month till 24 June 2015, falling 8.66% compared with 0.81% fall in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 46.66% as against Sensex's 1.53% fall.
The small-cap company has an equity capital of Rs 39.38 crore. Face value per share is Rs 2.
According to market rumours, the promoters, foreign institutional investors (FIIs) and domestic institutional investors (DIIs) are decreasing stake in KPIT Technologies. Further, rumours also sugested that the company has cancelled its dividend.
The Bombay Stock Exchange (BSE) during trading hours today, 25 June 2015, sought clarification from KPIT Technologies with reference to the news report titled, "There are rumours on the social media, financial websites that promoters are selling stake, cancellation of dividend by KPIT" The company yet to clarify to the stock exchanges.
However, Ravi Pandit, KPIT Technologies' chairman and group CEO, clarified to the media today, 25 June 2015, that promoters, FIIs and DIIs are not selling their stake in the company. As on 19 June 2015, the FII, DII stake in the company has increased marginally. He further clarified that dividend is the same as last year and the dividend will definitely be paid.
As on 31 March 2015, promoters held 21.67% stake, FIIs held 31.17% stake and DIIs held about 11% in the company.
KPIT Technologies' consolidated net profit declined 22.99% to Rs 50.31 crore on 2.15% fall in net sales to Rs 762.99 crore in Q4 March 2015 over Q3 December 2014.
KPIT Technologies is a vertical focused IT consulting and product engineering solutions and services provider to automotive & transportation, manufacturing and energy & utilities.
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