Former Tata Technologies CEO sells shares worth around Rs 165 crore

New Delhi: The former Chief Executive Officer (CEO) and Managing Director of Tata Technologies — Patrick Raymon McGoldrick — has reduced his stake in the company by selling shares worth about Rs 165 crore through block deals on the BSE.

In addition, McGoldrick sold 2.1 million shares which is equivalent to a 0.51 per cent stake in the Tata Group company in four tranches on Friday.

While shares were offloaded at an average price of Rs 785 apiece making the total transaction value Rs 164.85 crore.

After that, McGoldrick’s holding in Tata Technologies fell to 0.62 per cent from 1.13 per cent.

However, the shares were acquired by institutional investors including ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, 360 One Asset Management and Carnelian Asset Management & Advisors.

McGoldrick retired as CEO and Managing Director of Tata Technologies in September 2014 after a two-decade association with the company.

Shares of Tata Technologies on Friday settled at Rs 799.85, a decrease of 0.59 per cent on the BSE. The stock has touched a 52-week high of Rs 890.15 and a 52-week low of Rs 507.50. In the last two-year horizon, the stock has declined more than 2 per cent.

Additionally, the Pune-headquartered firm posted a consolidated net profit of Rs 204.17 crore for the March quarter, while revenue from operations came in at Rs 1,572.22 crore.

However, consolidated net profit declined to Rs 546.59 crore for FY26 from Rs 676.95 crore in FY25.

Apart from that, the company reported an 11.5 per cent sequential decline in consolidated net profit for the first quarter of FY27. It posted a consolidated net profit of Rs 181 crore for the April-June quarter, compared with Rs 204 crore in the January-March quarter, according to its stock exchange filing.

IANS