WiseTech Global Ltd (WTC.AU) shares plummeted 5.08% intraday on Thursday, significantly underperforming the broader market.

The sharp decline follows reports that the company's executive chairman, Richard White, is under police investigation over alleged misconduct related to a woman's immigration status. This news has sharpened investor focus on governance risks, leadership continuity, and board oversight at the software logistics group.

Broader market pressures also contributed to the sell-off. Technology stocks on the ASX were under pressure, tracking weakness in Wall Street peers amid persistent concerns about lofty sector valuations. Furthermore, stronger-than-expected Australian employment data released intraday bolstered expectations that the Reserve Bank of Australia may need to raise interest rates further to curb inflation, creating a risk-off sentiment that weighed on growth-oriented tech shares.