HCL Tech shares tumble 10 pc; market valuation erodes by Rs 46,987 cr post earnings announcement

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.