Hexaware Technologies Shares Fall 4% After CEO Srikrishna Ramakarthikeyan Resigns

Hexaware Technologies shares fell as much as 4% on Thursday, September 3, after the IT services company announced that chief executive officer Srikrishna Ramakarthikeyan would step down in October.

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The stock opened at ₹538 on the NSE, below its previous close of ₹543.60, and touched an intraday low of ₹519.20. Hexaware’s market capitalisation stood at ₹31,943 crore during the session, according to Mint.

At 10:12 am, the shares were trading 3.8% lower at ₹523.10 apiece, Moneycontrol reported.

CEO to Step Down

Ramakarthikeyan will step down as CEO and leave Hexaware’s board on October 28, 2026, according to the company’s September 2 exchange filing cited by Mint. He has led the company for 12 years and will remain with Hexaware as a senior adviser to support the leadership transition.

The outgoing CEO resigned to pursue personal interests, Reuters reported. He had served as Hexaware’s chief executive since July 28, 2014. His current five-year term was due to run until March 1, 2028, according to CNBC-TV18.

Vivek Jetley Named Successor

Hexaware has appointed Vivek Jetley as CEO-designate. He will join the company and take charge as CEO on October 28 for a four-year term.

Jetley currently serves as president at Nasdaq-listed EXL, where he leads the insurance, healthcare and life sciences businesses. He has more than 25 years of experience across artificial intelligence, data, enterprise transformation and strategy, according to Hexaware’s filing reported by Mint.

He previously headed EXL’s analytics business, covering advanced analytics, AI services and enterprise data management, according to an Upstox report.

Growth Outlook in Focus

The leadership change comes after Hexaware lowered its revenue growth forecast for calendar year 2026.

The company now expects annual revenue growth of 6% to 7%, compared with its earlier guidance of at least 7.6%, according to Reuters. The revision followed delays in the ramp-up of signed deals and weaker economic conditions, CNBC-TV18 reported. Hexaware retained its earnings before interest and tax margin forecast of 13% to 14%.

Analysts at Kotak who spoke to Moneycontrol said the CEO change during the company’s growth recovery could increase execution risk and extend the recovery period. HSBC analysts told Reuters that the incoming CEO’s main task would be to revive growth after the company’s recent underperformance.

Stock Remains Under Pressure

Hexaware shares have fallen more than 6% over the past week and 7% over one month, while the broader market index declined more than 2%, according to Mint. The stock was down 31.19% in 2026 and 30.41% over the previous year.