HCL Infosystems and MTNL took a hit in the early trade on the BSE today after the CBI carried out searches in the premises of former top officials of both companies in connection with alleged irregularities in a Commonwealth Games project.
HCL Infosystems’ scrip tumbled by 11.43 per cent to hit a month low of Rs 92.55 on the BSE. Later, the stock managed to erase some of the losses and was trading at Rs 96.70, down 7.46 per cent from the previous close.
MTNL scrip also fell to Rs 43 from the previous close of Rs 44.95. Later, it was quoting at Rs 44.05, down 2 per cent from the previous close.
According to marketmen, the fall in these stocks was due to the negative news. Unless and until some clarity is reached on the scam, the stocks may not recover in the near-term, they said.
The Central Bureau of Investigation yesterday carried out searches in the premises of former top officials of MTNL and HCL Infosystems for allegedly inflating the cost of setting up a broadcast network for the Commonwealth Games by nearly Rs 400 crore. The searches were carried out after the market close.