Hexaware Technologies shares fell as much as 4.5% on Thursday, 3 September 2026, after the IT services company named EXL’s Vivek Jetley as CEO-designate and confirmed that Srikrishna Ramakarthikeyan will step down on 28 October after 12 years in charge.
The announcement came after market hours on Wednesday
Hexaware told the exchanges late on 2 September 2026 that its board had approved Jetley’s appointment as Chief Executive Officer with effect from 28 October 2026, for a four-year term. The approval came on the recommendation of the Nomination and Remuneration Committee.
Ramakarthikeyan, known internally as “Keech”, has resigned as CEO, Whole-time Director and board member, and from his positions at the wholly owned US subsidiary Hexaware Technologies Inc. All of it takes effect on the same date.
In his resignation letter, he said he was leaving to pursue personal interests and described the period as one of meaningful transformation for the company. He will stay on as a Senior Advisor from 28 October to help hand over.
Non-Executive Chairman Larry Quinlan thanked him in the company statement for building the foundation for Hexaware’s next phase of growth.
How the stock traded on Thursday morning
The reaction on the National Stock Exchange (NSE) was immediate. The stock gapped down at the open and stayed under pressure through the first two hours of trade.
| Hexaware (NSE), 3 September 2026 | Level |
|---|---|
| Previous close | ₹543.60 |
| Open | ₹538.00 (down 3.4%) |
| Day’s low | ₹519.20 (down about 4.5%) |
| At 10:45 AM IST | ₹523.25 (down 3.7%) |
| At 11:30 AM IST | ₹524.10 (down 3.59%) |
More than two million shares had changed hands on the NSE by 10:45 AM IST, per Business Standard. Business Today put the company’s market value at roughly ₹32,118 crore when the stock was at ₹522.95 on the BSE.
Figures above are intraday and were sourced during the trading session. The closing price for the day may differ.
Who is Vivek Jetley
Jetley is currently President at EXL, where he leads the insurance, healthcare and life sciences businesses. The company said he brings more than 25 years of experience across AI, data, enterprise transformation and strategy.
He joined EXL in 2006 through its acquisition of Inductis, where he was a partner, and previously headed EXL’s analytics business. His brief at Hexaware is to accelerate growth and scale the company’s AI-led services model globally.
Why the timing is the real issue for investors
A CEO change is unsettling for any listed company. It lands harder when growth is already under the scanner.
At its Q2 CY2026 results in late July 2026, Hexaware cut its calendar-year revenue growth guidance to 6–7%, down from 7.6% earlier, blaming delayed deal ramp-ups. Guidance is simply the company’s own forecast for the year.
It did hold its EBIT margin guidance steady at 13–14%. EBIT margin measures operating profit as a share of revenue, before interest and tax.
The stock has been a laggard through 2026. Business Standard, citing exchange data, said it is down about 31% so far this year including Thursday’s fall, against an 8.4% decline in the Nifty 50. Business Today, measuring up to Wednesday’s close, put the fall at 28.13% versus a 19% drop in the BSE IT index.
Late August offered a brief reprieve the stock climbed around 8% after the company’s AI Day on 24 August 2026, when several brokerages reiterated positive ratings.
What JM Financial said on Thursday
JM Financial retained its ‘Add’ rating with a target price of ₹605, which works out to roughly 11% above the previous close of ₹543.60.
The brokerage described the leadership change as a possible near-term overhang market shorthand for something likely to cap the share price until the picture becomes clearer.
It listed four things investors should track: any change in strategy and further churn in the leadership team once the new CEO joins, risks to the CY2026 growth guidance, a possible sharper focus on healthcare, insurance and analytics, and the company’s approach to partnerships, investments and acquisitions.
JM Financial also noted that Hexaware’s revenue growth has trailed peers, largely because of client-specific problems and slower deal closures and ramp-ups. Its view is that investor attention will now shift to whether the incoming CEO can close that gap.
One correction worth noting
Several reports on Thursday described ₹708 as Hexaware’s listing price. It was the IPO issue price. The stock actually listed at ₹745.50 on the NSE and ₹731 on the BSE on 19 February 2025, marking its return to the exchanges after the 2020 delisting.
What to watch between now and 28 October
The next two months are a handover window rather than a clean break, since Ramakarthikeyan stays on as advisor. The genuine test arrives after 28 October, when Jetley sets out his own strategy and the company reports its next set of numbers against the trimmed 6–7% guidance.
To hold shares like Hexaware you need a demat account, which stores your shares electronically with NSDL or CDSL. Investors already holding the stock can follow the price action live on any SEBI-registered broker’s trading platform through the NSE and BSE session, 9:15 AM to 3:30 PM IST.
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