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Last Updated : Dec 07, 2018 05:27 PM IST | Source: PTI

HCL Technologies plunges 5% on USD 1.8 billion deal with IBM

The stock dropped 4.98 per cent to close at Rs 961.55 on BSE. Intra-day, the scrip had hit a low of Rs 935, down 7.6 per cent.

Shares of HCL Technologies dived 5 per cent on December 7 after the company announced acquisition of select IBM software products for USD 1.8 billion in an all-cash deal.

The stock dropped 4.98 per cent to close at Rs 961.55 on BSE. Intra-day, the scrip had hit a low of Rs 935, down 7.6 per cent.

On NSE, the stock slumped 5 per cent to close the counter at Rs 961.9. During the trading session, the scrip had touched a low of Rs 934.45 and a high of Rs 1,000.

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A total of over 1.10 crore scrips were traded during the day on the stock exchanges.

HCL Technologies on December 7 said in a regulatory filing that it will acquire select IBM software products for USD 1.8 billion (over Rs 12,700 crore) in an all-cash deal.

The deal is subject to "completion of applicable regulatory reviews" and is slated to close by mid-2019.

The deal entails seven products in areas including security, marketing and collaboration solutions, and represents a total addressable market of more than USD 50 billion, the firm said in the filing.

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First Published on Dec 7, 2018 05:18 pm
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