Jaipur, April 29, 2024.
HCL Technologies (HCLTech) shares plunged up to 6.3% on Monday, marking its largest drop in nearly 17 months.
The stock, however, managed to recover slightly, trading 5.62% lower at Rs 1,389.50 by 12.06 pm on the Bombay Stock Exchange.
While its net profit rose marginally in the March quarter, it was the company’s lower-than-expected revenue projection that have made brokerages and investors nervous.
In its outlook for fiscal 2025, the Noida-based company projected revenue growth of 3-5%, a forecast that fell below market estimates. HCLTech CEO C Vijayakumar highlighted ongoing macroeconomic challenges likely to impact demand throughout the fiscal year.