HCL Infosystems drops to 52-week low on bourses

Shares of IT firm HCL Infosystems plunged by up to 7% in morning trade on the bourses today after the company reported a nearly 83% decline in net profit for the quarter ended June 30, 2011.

The company's quarterly results were announced after the market close yesterday.

After starting the day on a sluggish note, the stock extended its losses and tumbled by 6.93% to a one-year low of Rs 69.10 on the NSE. A similar trend was seen on the BSE, where the stock dropped by 5.78% to hit a 52-week low of Rs 70.

HCL Infosystems reported a nearly 83% decline in net profit to Rs 11.48 crore for the quarter ended June 30, 2011.

The company had registered a net profit of Rs 67.23 crore in the same period last year.

Net sales of the company dropped by 18.39% to Rs 2,615.40 crore in the reporting quarter from Rs 3,204.86 crore in the same quarter last year.

Meanwhile, the BSE benchmark index Sensex was trading at 16,655.66, down 185.14 points at 1025 hours.