Employees of HCLTech walk inside the office premises on the outskirts of Lucknow, India, March 20, 2024. REUTERS
Jan 14 (Reuters) – HCLTech (HCLT.NS), India’s no. 3 software services provider, plunged 8% on Tuesday after reporting a smaller-than-expected quarterly revenue and as a slew of brokerages cut their ratings on the shares.
The company on Monday reported a 5.1% rise in consolidated revenue to 298.9 billion rupees ($3.45 billion), missing analysts’ expectations of 300.68 billion rupees, per data compiled by LSEG.
At least 11 brokerages cut ratings on the stock post earnings, while four cut their price targets.
Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala
