Shares of IT company HCL Tech on Tuesday slumped nearly 10 per cent after the company's December quarter earnings failed to cheer investors.
The stock tanked 9.41 per cent to Rs 1,798.40 on the BSE.
At the NSE, it dropped 9.63 per cent to Rs 1,797.75.
The stock emerged as the biggest laggard among the BSE Sensex and NSE Nifty firms.
Its market valuation eroded by Rs 46,987.11 crore to Rs 4,91,743.25 crore during the morning trade.
"HCLT's 3Q numbers and 4Q guidance were underwhelming," according to Motilal Oswal Research.
Other IT stock like Tech Mahindra, Infosys and Tata Consultancy Services were also trading lower.
"HCL Tech reported decent revenue growth of 3.8% q-o-q in cc but missed our estimates of 4.8% q-o-q in cc with largely broad performance across geos and verticals," Shaji Nair, Research Analyst, Capital Market Strategy, Mirae Asset Sharekhan, said.
IT company HCL Tech on Monday reported a 5.54 per cent uptick in consolidated net profit to Rs 4,591 crore for the December quarter as the CEO expressed optimism for improvement in the demand environment and discretionary spending and raised the revenue growth guidance.
The Noida-headquartered firm had reported a profit of Rs 4,350 crore in the year-ago period, according to a regulatory filing.
The company raised the lower end of its growth guidance to 4.5-5 per cent, from 3.5-5 per cent earlier.
Revenue from operations for the quarter under review came in at Rs 29,890 crore, 5.07 per cent higher than Rs 28,446 crore in the third quarter of the current fiscal year.
Sequentially, profit and revenue rose 8.4 per cent and 3.56 per cent, respectively.
