Shares of HCL Technologies plunged nearly 5 percent on the Bombay Stock Exchange (BSE) after the IT major reported a lower than expected 1.5 percent quarter on quarter rise in its net profit at Rs 22.27 billion for the quarter ending as on March 31, 2018 (Q4 2018).
The company reported total income for the fourth quarter of 2018 at Rs 13,480 crores as against Rs 13,183 crores in the fourth quarter of 2017, up by 2.25%.
The profit before tax of the company showed a decline during the fourth quarter of 2018 and stood at Rs 2,230 crores, down by 9.86 percent as compared to Rs 2,474 crore during the fourth quarter of 2017.
Weighed down by the disappointing fourth quarter performance the stocks of the company declined as much as 4.74 percent to touch an intra-day low of Rs 1001.55 apiece on the Bombay Stock Exchange.
In a similar trend, shares of the firm were trading at 3.87 percent lower at Rs 1,012.00 apiece on the National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 35,194.70, up by 34.34 points, or 0.10 percent at 11:10 hours.