Mumbai: Shares of HCL Infosystems on Wednesday dropped 12 percent after Tuesday's sharp rally as the hardware company said it is not aware of any development about its promoter intending to sell stake in the company.
Despite a positive opening, the stock failed to continue the momentum and plunged 11.87 percent to Rs 38.60 on the BSE after surging over 23 percent on Tuesday.
At the NSE, the stock tanked 12 percent to Rs 38.55.
HCL Infosystems in a communique to the BSE had yesterday said: "It is not aware of any development about promoter intending to sell stake in the company and as a policy, do not comment on market speculation."
The reaction came amid reports that computer maker Lenovo is in talks to buy out promoter stake in HCL Infosystems for around Rs 500 crore.
As per the April-June quarter data, the company has promoter shareholding of 50.77 percent. HCL Corporation is the single largest promoter with 42.85 percent stake.