Shares of Happiest Minds Technologies Ltd. experienced a decline on Friday, August 28, 2026, contrasting sharply with the broader information technology sector, which saw a significant rally. The Nifty IT sub-index surged, fueled by positive market sentiment following Nvidia's robust quarterly results and optimistic outlook for global technology stocks.
The mid-cap IT firm's stock fell by 2.16 percent, trading at Rs 411.30 on the BSE at last check. This downturn was primarily triggered by a news report indicating a potential acquisition: "Happiest Minds shares fall 6% as ITC Infotech likely to buy its promoter's stake."
Following the publication of this report, both the BSE and NSE stock exchanges proactively sought clarification from Happiest Minds Technologies regarding the alleged transaction.
In its official response, Happiest Minds stated, "We have taken note of the captioned news item and confirm that there is no information which requires disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations")." The company further elaborated, "As a general matter, the Company, as part of its business strategy, keeps exploring various strategic opportunities that are intended to be in the best interest of its stakeholders."
Happiest Minds reiterated its commitment to transparency, adding, "The Company has promptly intimated the stock exchanges regarding all events and disclosed all information, that have a bearing on the operations/performance of the Company, in accordance with Regulation 30 of the Listing Regulations as and when required and will continue to do so." They concluded by assuring that any information warranting disclosure would be promptly communicated.
Separately, Axis Securities maintained its 'Buy' rating on Happiest Minds, setting a target price of Rs 450. In a note issued last month, the brokerage highlighted the company's aim to achieve double-digit constant currency growth for the year while maintaining EBITDA margins within the 20-22 percent range, inclusive of other income. Axis Securities emphasized that despite global economic headwinds, Happiest Minds is targeting above-industry growth, bolstered by resilient demand across its key verticals and strategic integration of artificial intelligence.