After plunging by almost 30 per cent, HCL Infosystems share prices recovered in mid-day trade on the Bombay Stock Exchange on Monday as the company said it was explaining the implications of its agreement with Nokia.

The company's share price recovered to Rs 183.40 at 1330 hrs from the day's low of Rs 154.84 from the previous close of Rs 258.05, a decline by almost 30 per cent.

The counter attracted 13 block deals, placing the trading volumes at over 10 lakh shares. Earlier, speaking to PTI, HCL Infosystems chairman and CEO Ajai Chowdhry said the company was explaining the implications of its agreement with Nokia to investors and analysts.

"We hope that normalcy would be restored soon as we are explaining to both investors and analysts that we have converted our short term agreement with Nokia into a long term one. People have not understood the implications," he said.

The broking community attributed the drop in the company's shares at the outset on 'confusion' that the revenue sharing between HCL Infosystems and Nokia might affect the former's bottomline, and triggered nervous selling.