HCL Tech shares plunge 9%;mcap down Rs 10,329 cr post earnings

Shares of HCL Technologies plunged 9 per cent, wiping-out Rs 1,05,587.11 crore from its market cap today, after the company reported 32.3 per cent rise in consolidated net profit for the first quarter ended September 30, which is below market expectations.
HCL Tech's shares dipped 9.09 per cent to settle at Rs 1,505.55 on the BSE. During the day, it slumped 9.6 per cent to Rs 1,496.95.
At the NSE, it fell by 8.81 per cent to Rs 1,510.
Following the dip in the stock, the company's market value dropped Rs 10,328.89 crore to Rs 1,05,587.11 crore.
The stock witnessed selling pressure, in line with other IT stocks, after the company missed estimates in earnings.

The BSE IT index ended 4 per cent lower at 10,130.95.

HCL Technologies today reported 32.3 per cent rise in consolidated net profit at Rs 1,873 crore for the first quarter ended September 30 on the back of strong growth in Europe and business services.
The company had posted a net profit of Rs 1,416 crore in the year-ago period, it said in a BSE filing.
Consolidated revenues grew 9.7 per cent at Rs 8,735 crore in the July-September quarter of this fiscal as against Rs 7,961 crore in the same quarter of the previous fiscal.
The firm follows July-June as the fiscal year.

In dollar terms, net profits rose by 36.1 per cent to USD 307.2 million in the first quarter of the current fiscal as against USD 225.6 million in the year-ago period.