BT Group has put the sale of its stake in Indian software services firm Tech Mahindra on hold because of turbulent markets, the Economic Times newspaper said on Tuesday.
“BT has temporarily put the process on hold because of bad market conditions,” the paper cited unnamed sources as saying.
The Financial Times in August had said BT may sell all or a large part of its 31 percent stake in the Indian firm, citing people with knowledge of the matter.
The Economic Times earlier this month said BT was talking to private equity firms including Kohlberg Kravis Roberts for the stake, which it had valued at more than $800 million.
Apax Partners, Texas Pacific Group , Carlyle Group and Singapore's Temasek had also shown interest, the paper had said at the time.
“The stock price is much below the 750-rupee levels when BT was actively considering sale. In the current market scenario, a sale will not give BT the desired returns,” the paper cited its sources as saying.
Shares in Tech Mahindra closed at 609.35 rupees on Monday.
Officials from BT and Tech Mahindra declined comment to the paper.
Source: Reuters