New Delhi, July 14 -- Shares of IBM came under heavy selling pressure on Tuesday, July 14, plunging 26% to $215.67 apiece after the company reported preliminary second-quarter sales below analysts' estimates, with Chief Executive Officer Arvind Krishna saying customers were holding back spending.

Preliminary second-quarter revenue came in at $17.2 billion, IBM said in a statement on Tuesday, below analysts' estimates of $17.9 billion.

Sales from the company's infrastructure division were hit particularly hard, falling 7%. IBM is expected to report second-quarter results on July 22.

IBM added that it is still reviewing its books and that the final results may differ slightly from the preliminary figures.

In a letter to investors, Krish...