HCL Infosystems fell 1.81% to Rs 5.97 after the company said its managing director Raghavan Rangarajan has resigned due to personal reasons.
"Raghavan Rangarajan has expressed his intentions to step down from the position of the Managing Director of HCL Infosystems Limited (the Company) due to personal reasons. The board of directors of the company has approved his resignation with effect from the closing hours of 31 March 2020," the company said in a filing issued yesterday, 24 February 2020.In the past one month, the scrip slumped 24.24% to its current market price of Rs 5.97.
On the technical front, the stock's RSI (relative strength index) stood at 30.661. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
On a consolidated basis, HCL Infosystems reported net profit of Rs 14.50 crore in Q3 December 2019 compared with net loss of Rs 29.71 crore in Q3 December 2018. Net sales slumped 56.9% to Rs 428.73 crore in Q3 December 2019 over Q3 December 2018.
HCL Infosystems is a distribution and information technology (IT) services and solutions company. The company's principal activities include cellular phones, and computers/micro processor-based systems. Its segments include hardware products & solutions and distribution.
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