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HCL Tech stock slips 7%; top Nifty loser

Shares of HCL Tech slipped ~7% after a brokerage firm downgraded the company’s stock rating following the release of its March quarter results.

The company reported that PAT for Q4FY18 was marginally below expectation. Revenue in rupee terms grew by 2.9% qoq to Rs13,179cr, which is in-line with the consensus estimate of Rs13,202cr. Its consolidated revenue grew at 1.2% qoq in constant currency (cc) terms.

HCL Technologies Ltd is currently trading at Rs931.75, down Rs69.3, or 6.92%, from its previous close of Rs1,001.05 on the BSE.
The scrip opened at Rs1,000.80 and has touched a high and low of Rs1,000.80 and Rs923.55, respectively. So far, 40,94,299 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs1,39,377.71cr.

The stock is currently trading below its 50 DMA.