Shares of HCL Infosystems and MTNL fell in early trade on the Bombay Stock Exchange on Thursday in reaction to reports about the Central Bureau of Investigation's (CBI's) search operations on the premises of the two companies in connection with alleged irregularities in a Commonwealth Games project.
While HCL Infosystems' shares dropped by around 11% to hit a month's low of R92.6 on the BSE, it later recovered and closed with a fall of 5.7% at Rs 98.6. MTNL shares fell 4.3% in early trade, before closing down 0.6% at R44.7.
HCL Infosystems, however, clarified that it's project for MTNL also involved special installation of equipment during the Commonwealth Games for uninterrupted broadcasting as part of their (MTNL) immediate needs.
"As per the project plan, immediately on completion of the event the entire equipment has been redeployed in Delhi and Mumbai as per the larger mandate of the agreement," HCL Infosystems said in a statement.