HCL Tech shares tank nearly 10% as Q3 earnings disappoint

Shares of HCL Technologies fell sharply by nearly 10 per cent today as company's March quarter earnings came in below market expectations.
The stock plunged 9.64 per cent to Rs 834.10 on the BSE.
On the NSE, it slipped 9.65 per cent to Rs 835.10.
Later, the stock was trading at Rs 885, down 4.13 per cent on the BSE.
"HCL Technologies announced its Q3 FY'15 results below expectations," said Sarabjit Kour Nangra, VP Research - IT, Angel Broking.
HCL Technologies today reported a 3.6 per cent increase in net profit at Rs 1,683 crore for the quarter ended March 31, 2015.

The company had posted a net profit of Rs 1,624 crore in the corresponding quarter last fiscal, HCL Technologies said in a statement.

The company follows July-June fiscal.
Its revenue for the reported quarter was up 11 per cent at Rs 9,267 crore from Rs 8,349 crore in the corresponding period a year ago.
However, on sequential basis, the net profit declined by 12.2 per cent from Rs 1,915 crore in Q2 FY2014-15 and revenue fell by a marginal 0.2 per cent from Rs 9,283 crore in Q2FY15.
In dollar terms, company's net profit grew 2.3 per cent to USD 270 million, while revenue rose 9.5 per cent to USD 1.49 billion in Q3 of FY15 from the year-ago period.