Mumbai: HCL Infosystems and MTNL took a hit in early trade on the BSE on Thursday 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.
Shares of IT firm HCL Infosystems tumbled by 11.43 per cent to hit a month's 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.
The share price of state-run MTNL also came down to Rs 43 from the previous close of Rs 44.95. Later, the scrip 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 CBI on Wednesday 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 on Wednesday.
Meanwhile, the broader market benchmark index Sensex was trading flat at 18,376.04 at 1032 hours.
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