Phaneesh Murthy sold $2.7m shares in 2 months

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BANGALORE: Did iGate’s deposed CEO, Phaneesh Murthy, have an inkling of the trouble he would in? In the last two months, Murthy sold approximately 1,50,000 shares from his personal stake in iGate, mopping up roughly $2.7 million.

According to data made available on the Nasdaq, Murthy sold 104,459 shares on March 6 at a price of $18.88 a share taking home a neat $1.97 million. A month later on April 19, Murthy again sold 40,000 shares at $17.1 apiece totaling to $ 684,000.

As per the latest share data available, Murthy holds 655,292 shares in the company, which values his stake in iGate at $9.6 million based on the company’s opening share price on Tuesday.

As the US woke up to the statement issued by iGate about Murthy’s ouster, the company’s stock price on the Nasdaq plunged a little over 10% in morning trade.

iGate’s stock has crashed over 25% in the last two years after the company’s $1.22 billion acquisition of Patni in 2011. The company’s currently traded stock price has fallen by 40% over its 24-month high of $24.86 in November 2010. In the month of January 2011 itself the company’s stock price crashed 22% following the Patni acquisitio

He is a Software Engineer from Moodbidri currently living in Kuwait. He likes to travel and post interesting things about technology. He is the designer of Kannadigaworld.com. You may follow him on FB at fb.com/alanpaladka

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