Concentrix Corporation's stock plummeted 5.18% during intraday trading on Friday, marking a significant decline for the customer experience solutions provider.

The sharp drop followed regulatory filings showing that two company directors, Bilge Ogut and Chih-Kai Cheng, reported no securities beneficially owned in their initial Form 3 statements. Such disclosures can sometimes raise investor concerns about insider confidence in the company's prospects.

Additionally, shareholders recently approved an amendment to add 3.7 million shares to the company's 2020 stock incentive plan during Concentrix's annual meeting. This expansion of the equity compensation program may have sparked concerns about potential future dilution of existing shareholders' stakes.