Jefferies, CLSA, Morgan Stanley retain ‘Hold’ on HCLTech despite Q3 miss

The stock of India’s third-largest information technology services provider, HCLTech, fell as much as 9.41 per cent to hit an intraday low of Rs 1,798 before recovering slightly to end the day at Rs 1,813.95, down 8.63 per cent. In comparison, the BSE Sensex closed 0.22 per cent higher at 76,499.63. The sharp decline in the stock price was due to near-term growth concerns and valuation issues.