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

Press Trust of India  |  New Delhi 

Shares of dived 5 per cent on Friday after the company announced acquisition of select 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.

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

Friday said in a regulatory filing that it will acquire select 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 07 2018. 17:15 IST
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