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The winner of the battle will be responsible for the largest overseas acquisition by an Indian IT firm, but a bidding war will push up acquisition costs and delay integration of Axon, which is seen as a key vertical opportunity by both firms.
And it can not be ruled out that another firm may enter the fray, pushing costs up further.
This morning, HCL's share price slumped 8.3% and Infosys, which made the first move for Axon, saw its share value tumble over 3.3%.
Last Friday, HCL bid £441.1m for Axon, after Infosys had previously bid 407m. Infosys said it was now considering its position, not ruling out a higher counter bid.