Infosys today said it would not raise the bid price of 600 pence a share for UK-based Axon, a move which rules it out from the race to acquire the SAP firm.

"After careful consideration, the board of Infosys has concluded that it will not increase the price of its original offer dated August 25, 2008," Infosys said in a filing to the Bombay Stock Exchange.

Last month, HCL Technologies had increased the bid to 650 pence per share for Axon valuing the company at 441.1 million pounds.

Last week, Axon Group had decided to go ahead with the 441-million pound acquisition offer from HCL Technologies, noting that the price is at a premium of 8.3 per cent to Infosys' bid, worth 407.1 million pounds.

Shares of Infosys were trading at Rs 1,166.25, down 7.05 per cent in the early morning trade on the BSE