Satyam dips 4% amid merger talks
IT major Satyam Computer dipped as much as four per cent on the bourses amid reports that its management and institutional investors are exploring a merger with another software company.india Updated: Jan 05, 2009 15:34 IST
IT major Satyam Computer on Monday dipped as much as four per cent on the bourses amid reports that its management and institutional investors are exploring a merger with another software company.
The scrip of the company opened on a firm note at Rs 180 on the Bombay Stock Exchange but soon lost ground and saw an intra-day low of Rs 170.10, a decline of 4.19 per cent from its last close.
According to media reports, Satyam is reportedly in talks with Delhi-based HCL Technologies and Bangalore-based MindTree.
On the National Stock Exchange, Satyam Computer opened at Rs 178 but pared early gains and touched an intra-day low of Rs 170.10, a dip of 4 per cent from its previous closing price.
Nearly 50.50 lakh Satyam shares changed hands on the NSE and 21.87 lakh shares got traded on the BSE.
Meanwhile, stocks of HCL Technologies and MindTree were trading in the positive zone.
HCL Technologies, which is reported to be the front-runner, witnessed an intra-day high of Rs 126.90, up 3.88 per cent from its last close on the BSE. The stock was later quoted at Rs 125.15, up 2.46 per cent.
Besides, MindTree also surged as much as 5.08 per cent on the BSE and touched a high of Rs 248.90. The scrip was later trading at Rs 240, up 1.33 per cent.