HCL Tech management cautious on revenue growth in FY23; stock plunges 6%

Shares of HCL Technologies tumbled 5.8 per cent to Rs 1,037 apiece in Friday's intra-day trade, after the company said it expected revenue in financial year 2022-23 (FY23) to come in near the lower end of the guidance band. 

At its investor meeting held in New York on December 8, the management said the revenue growth guidance for FY23 is likely to come in at the lower end of its 13.5-14.5 per cent year-on-year band in constant currency (CC) terms due to higher-than-expected furloughs in  BFSI and Hi-Tech segments.

According to analysts at Nirmal Bang, this doesn't seem to be