HCL Tech plunges 5-pc on USD 1.8 bn deal with IBM

The shares of HCL Technologies shed substantially on Friday’s closing after the company announced that it would be acquiring select IBM software products for USD 1.8 billion. The transaction will be fulfilled by mid-2019, after concluding required regulatory reviews, HCL Tech said in its filing.

Not feeling exited or enthusiastic by the investors with this development, shares of HCL Technologies plunged 5 percent at Rs. 961.90 apiece on the NSE on Friday after the company announced the development.

The stock on the other hand on the BSE too dropped 4.98 per cent to settle at Rs 961.55, hitting an Intra-day a low of Rs 935, while Sensex gained 361 points at 35,673, and the Nifty rose 93 points at 10,694 in trade on the weekend.

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