HCL Tech Shares Fall 10% As Company Issues Revenue Warning

Business

oi-Sunil

By Sunil Fernandes

Published: Thursday, October 1, 2015, 10:12 [IST]

Shares in HCL Tech slumped a huge 10 per cent as the company issued a tepid revenue guidance for the quarter ending Sept 30, 2015.

Apart from this the company also said currency headwinds would impact margins. "During this quarter, revenues to be reported in US dollar would have an adverse impact of 80 basis points on account of sharp depreciation of multiple currencies against US dollar," HCL Tech said in a statement to the Bombay Stock Exchange.

The stock was quoting at Rs 890 on the National Stock Exchange, a fall of a huge Rs 90 over Wednesday's close.

The company also sounded a warning on a major client."In one of the multi-million custom application development project being executed for one of the customers...certain differences have arisen on with the customer," the company said. It has reserved up to $20 million as a matter of prudence.

GoodReturns.in