Shares of KPIT Technologies today plunged nearly 14 per cent after the company's December quarter earnings fell short of market expectations.
The IT firm's scrip tanked 13.81 per cent to close the day at Rs 158.50 on the BSE. During the day, the scrip lost 14.57 per cent to Rs 157.10.
At the NSE, the scrip slumped 13.87 per cent to settle at Rs 158.70.
"KPIT Technologies reported its Q3 FY14 results which came in below our expectations on all fronts. Overall, the performance from the company was weak keeping in view the performance from its peers," said Ankita Somani, Research Analyst IT, Angel Broking.
"The dollar revenues came was impacted by lower billing days during the quarter as well as extended furloughs at some of the company's larger customers leading to unanticipated revenue loss," she added.
KPIT Technologies today said its consolidated net profit has grown 20.5 per cent to Rs 60.77 crore for the third quarter ended December 31.
This is against a net profit of Rs 50.43 crore in the corresponding quarter in the year-ago period, KPIT Technologies said in a filing to the BSE.
It saw revenues increasing 20.3 per cent to Rs 677.93 crore in the reported period from Rs 563.29 crore in the same quarter a year ago, it added.
