Shares of HCL Technologies fell for the second day today, plunging 7.5 per cent after the company posted a 9.8 per cent decline in consolidated net profit for the March quarter of 2017-18.
The company's stock dropped 7.49 per cent to end at Rs 926.10 on BSE. Intra-day, it slumped 7.99 per cent to Rs 921.
On NSE, shares of the company dived 7.47 per cent to close at Rs 925.70.
On the volume front, 2.78 lakh shares of the company were traded on BSE and over 76 lakh shares changed hands on NSE during the day.
The stock fell 5 per cent in the previous trading session also, wiping out Rs 17,437.69 crore from its market valuation in two days.
HCL Technologies yesterday posted a 9.8 per cent decline in its consolidated net profit for the March quarter of 2017-18 at Rs 2,230 crore and said it expects to see a better deal pipeline in FY19, driven by digital services.
The net profit is lower from Rs 2,474 crore reported in the year-ago period (as per Indian Accounting Standards) as there was a one-time benefit from tax reversal in the January-March 2017 quarter.
HCL Technologies, which is India's fourth largest IT services firm, saw its total income grow 2.2 per cent to Rs 13,480 crore in the March 2018 quarter from Rs 13,183 crore in the year-ago period.
HCL Technologies has given a slightly lower growth guidance of 9.5-11.5 per cent on constant currency basis for financial year 2018-19.
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