HCL Technologies Witnesses 1% Decline as UK Arm Plans to Unload 49% Stake in State Street JV

On December 5, HCL Technologies observed a marginal 1% slip in shares, settling at Rs 1,320 per share, following the revelation that its UK arm is poised to divest the complete 49% stake in the US-based State Street joint venture (JV).

Over the last three months, the stock of this IT giant has surged by 8.5%, outpacing the 5% rise in the benchmark Sensex.

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HCL Tech Investments UK, the step-down wholly-owned subsidiary of HCL Tech, formalized its intent by signing a memorandum of understanding (MoU) with joint venture partner State Street International Holdings. The agreement outlines the sale of the entire 49% stake in the JV to State Street for a sum of $170 million plus the net book value.

As of 2:08 pm, the shares were trading 1.82% lower at ₹1,313.65.