HCL Tech Tanks Nearly 5% on March Qtr Dollar Revenue Concerns

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    Mumbai, Apr 1 (PTI) Shares of HCL Technologies today fell by nearly 5 per cent after the company said its dollar revenue for the March quarter will see an "adverse impact" of 2.8 per cent on strengthening of the greenback against global rivals.

    Reacting to this, shares of the country's fourth largest software services firm declined by 4.55 per cent to Rs 935 on the BSE. On the NSE, the stock fell by 4.63 per cent to Rs 935.

    HCL Tech Tanks Nearly 5% on March Qtr Dollar Revenue Concerns
    HCL Technologies: Quotes, News
    BSE 1009.95BSE Quote13.55 (1.34%)
    NSE 1009.90NSE Quote12.8 (1.27%)

    The company said its EBIT (operating earnings) is also expected to be negatively affected by 80 basis points. During this quarter, the US dollar continued to strengthen against almost all global currencies, HCL Technologies had said in a statement yesterday.

    "Since the company's revenues are derived in multiple currencies and significant costs are incurred in Indian rupee, the revenue and EBIT for the quarter to be reported in dollar, would have adverse impact of about 280 bps and about 80 bps, respectively," it added.

    PTI

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