Shares of Persistent Systems slumped nearly 13 per cent today after the IT firm said its dollar revenues for the April-June quarter could be "marginally lower".
The stock plunged 12.68 per cent to close at Rs 628.90 on the BSE. During the day, it dipped 13.91 per cent to Rs 620.
At NSE, shares of the company tanked 12.76 per cent to Rs 628.10.
The company's market value fell by Rs 730.8 crore to Rs 5,031.20 crore.
Persistent Systems said its dollar revenues for April-June quarter could be "marginally lower" than previous three months on weakness in product engineering segment and quarterly variability in IP business.
Persistent's revenues for the quarter ended March 31, 2015 stood at USD 80.03 million. In the April-June quarter of last year, it had logged revenues of USD 72.66 million.
Persistent said some of the pre-cloud/pre-Internet software product companies, who are its customers, are re-organising their business and changing their priorities.
"Consequently, weakness in our current product engineering business coupled with the quarterly variability associated with our IP business, could result in a marginally lower USD revenue for this quarter as compared to the previous quarter," it added.
Meanwhile, in the broader market the benchmark BSE Sensex ended 74.70 points down at 27,729.67.
