BANGALORE,INDIA: After UK based consulting firm Axon decided to go with HCL bid, rejecting Infosys offer, shares of Infosys Technologies fell 3.3 percent to 1,406 rupees with in few hours of trading in BSE.

Meanwhile HCL shares were trading up nearly 3 percent at 211.85 rupees after starting 0.4 percent lower.

On Thursday, British consulting firm Axon Group PLC has agreed to accept a £441-million ($785-million) bid from HCL Technologies.

"The Board has withdrawn its recommendation of the Infosys offer and intends unanimously to recommend the HCL offer," Axon said in a statement.

Meanwhile Infosys has not commented anything on the bid. According to an analyst, still Infosys has time to increase the bid amount.