HCL Infosystems says no promoter stake sale in foreseeable future ; stock falls

MUMBAI: Shares of HCL Infosystems fell nearly 10% in mid-morning trade as the company issued a second statement scotching all speculation of a stake sale by promoters a day after it rose 20% on talks of the promoters' selling to Chinese PC maker Lenovo. Its shares were down 9.4% to Rs 39.70 on BSE.

Wednesday's statement to the stock exchanges, more categorical and strongly worded than its statement the previous day, said, "HCL Corporation, which owns 42.85 % in HCL Infosystems Limited out of the total promoters shareholding of 50.77%, wishes to categorically state that it has no plan of divesting any part or all of its share holding in HCL Infosystems Limited in the foreseeable future."

"We do not wish to respond to any further market speculation on this issue," the statement added. The company statement on Tuesday had said it was not aware of any such development about promoter intending to sell stake in the company.