HCL Tech shares tumble 6%
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New Delhi: Shares of HCL Technologies on Monday tanked over 6 per cent after the company reported a flat year-on-year growth in net profit in the March quarter at Rs3,986 crore.
The stock declined 6.10 per cent to Rs1,382.45 on the BSE. On the NSE, it tanked 6.22 per cent to Rs1,382.10. The stock emerged as the biggest laggard among the BSE Sensex and NSE Nifty firms. The company posted an 8.4 per cent decline in net profit on a sequential basis, amid rising employee cost and tightening IT spends around the world.
The company described the performance as decent in view of the global macroeconomic conditions. The company posted a consolidated net profit of Rs3,986 crore in the fourth quarter of FY24 as against Rs3,983 crore in the same period last year. Sequentially, the company’s profit declined 8.4 per cent from Rs 4,350 crore in the October-December period, the company said in a filing on Friday.
