HCL Tech Faces Market Slump with Underwhelming Q3 Results

Shares of IT giant HCL Tech tumbled by nearly 9% following disappointing Q3 earnings that failed to meet investor expectations. Despite a rise in revenue and profit, the stock became the biggest laggard among BSE Sensex and NSE Nifty. Other IT stocks also saw declines.

Shares of India's prominent IT firm HCL Tech took a sharp fall, closing nearly 9% lower after quarterly earnings failed to attract positive investor sentiment. The disappointing financial results saw the stock becoming the leading laggard in the stock market indices.

HCL Tech shares plummeted 8.63% on the Bombay Stock Exchange (BSE), settling at Rs 1,813.95, hitting an intraday low of Rs 1,798.40. On the National Stock Exchange (NSE), the shares dipped 8.51%, closing at Rs 1,819.95.

The market reaction erased over Rs 46,485.08 crore off the company's market valuation, with trading volumes highlighting investor concern. Despite a 3.8% q-o-q revenue growth, it fell short of projected estimates, compounded by broad performance lags, according to market analysts.

(With inputs from agencies.)