HCL Tech down 3% as investors turn cautious on lowered revenue guidance

Despite strong performance in Q3, management lowered guidance in services and total revenue growth indicating weak Q4FY23.

Shares of HCL Technologies declined 3 per cent to Rs 1,042 on the BSE in Friday’s intra-day trade as the management despite strong performance in December quarter (Q3FY23) narrowed its guidance in services and total revenue growth indicating weak March quarter (Q4FY23).

Information technology (IT) services company cut revenue guidance by 50 bps for FY23. The company revised its revenue guidance to 13.5 per cent to 14 per cent, down from the earlier 13.5 per cent to 14.5 per cent due to seasonal weakness expected in the Q4FY23.

However, prior to Q3 results, in past four trading days, the stock