HCL Tech crashes 13% on revenue worries; m-cap down `17,449 cr

Shares of IT services firm HCL Technologies on Thursday fell by nearly 13 <g data-gr-id="19">per cent</g>, wiping out Rs 17,449 crore from its market valuation, after the company said it expects revenues for the September quarter to be "tepid".

Consequently, shares of the company tumbled 12.65 <g data-gr-id="16">per cent</g> to settle at Rs 857.90 on BSE. During the day, it plunged 14.75 <g data-gr-id="17">per cent</g> to Rs 837.20, its biggest fall in many years. The stock had lost 15 <g data-gr-id="18">per cent</g> on January 7, 2009. At NSE, shares of the company plummeted 12.73 per cent to Rs 857.05. The stock was the worst performer among the 50-Nifty components. Led by the sharp sell-off in the stock, the company's market valuation also dipped by Rs 17,449.11 crore to Rs 1,20,638.89 crore.

In terms of volume, 12.35 lakh shares of the company changed hands at BSE and over one crore shares were traded at NSE during the day. "The company expects tepid revenue growth in the first quarter... will have a significant impact on the overall performance of the company in 1Q FY2016," said Sarabjit Kour Nangra VP Research - IT, Angel Broking.