Deals
HCL Drops Most in Seven Weeks on $1.8 Billion IBM-Asset Buy
- Stock is worst performer among top 50 Indian companies
- Investors doubt the deal’s return potential: analysts
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HCL Technologies Ltd., founded by Indian billionaire Shiv Nadar’s family, was the worst performer among the nation’s top 50 companies after the software maker said it was buying some of International Business Machines Corp.’s software assets for $1.8 billion.
The shares slid 5 percent to 961.95 rupees at the close in Mumbai on a day when the S&P BSE Sensex was the biggest gainer among Asian benchmark equity gauges. The decline was the steepest in seven weeks.