<p>The iGate-Apax consortium, which is tipped to be the front-runner for acquisition of a majority stake in India's sixth largest IT firm Patni, was expected to make the acquisition announcement today.<br /><br />Reacting to the cancellation of the announcement, shares of Patni Computer Systems started the day on a subdued note and plunged by 3.67 per cent to an early low of Rs 459.15 a piece on Bombay Stock Exchange.<br /><br />The scrip witnessed a similar downslide on the National Stock Exchange and shed 5.3 per cent to trade at Rs 451.20 in the morning trade.<br /><br />Patni brothers -- - Narendra Patni, Ashok Patni and Gajendra Patni -- were in talks to sell their 46 per cent stake, while private equity firm General Atlantic was selling its roughly 17 percent holding in the software services exporter.<br /><br />Sources in-the-know said the terms of the estimated USD 1 billion deal are still being worked out.<br /><br />Meanwhile, the 30-share benchmark Sensex was quoting firm at 20,605.66, up 96.57 points at 1237 hours.</p>
<p>The iGate-Apax consortium, which is tipped to be the front-runner for acquisition of a majority stake in India's sixth largest IT firm Patni, was expected to make the acquisition announcement today.<br /><br />Reacting to the cancellation of the announcement, shares of Patni Computer Systems started the day on a subdued note and plunged by 3.67 per cent to an early low of Rs 459.15 a piece on Bombay Stock Exchange.<br /><br />The scrip witnessed a similar downslide on the National Stock Exchange and shed 5.3 per cent to trade at Rs 451.20 in the morning trade.<br /><br />Patni brothers -- - Narendra Patni, Ashok Patni and Gajendra Patni -- were in talks to sell their 46 per cent stake, while private equity firm General Atlantic was selling its roughly 17 percent holding in the software services exporter.<br /><br />Sources in-the-know said the terms of the estimated USD 1 billion deal are still being worked out.<br /><br />Meanwhile, the 30-share benchmark Sensex was quoting firm at 20,605.66, up 96.57 points at 1237 hours.</p>