HCLTech falls most in nearly 17 months on lower-than-expected FY25 outlook [Reuters]
Infosys Limited American Depositary Shares (INFY)
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Source: Reuters
BENGALURU, April 29 (Reuters) - HCLTech shares plummeted as much as 6.3% on Monday, its biggest fall in nearly 17 months, as India's No.3 software services company forecast fiscal 2025 revenue growth below estimates. The stock trimmed some losses to trade 5.62% lower at 1.392.05 rupees as of 12.06 p.m. IST, and was the biggest loser on the Nifty IT index , which was down 0.2%. Including the day's move, HCLTech is down 5.2% so far this year compared with a 6% fall in the IT index. Larger rival Infosys was down 7.3%, while Tata Consultancy Services was up 2.1%. The Noida-headquartered firm forecast revenue growth between 3-5% for fiscal 2025 on Friday, with CEO C Vijayakumar a persistent macro overhang that is likely to hurt demand for a predominant part of the ongoing fiscal. Brokerages signalled that the company's outlook was lower than Street expectations, with Jefferies calling it a "key negative surprise". "At midpoint, this (FY25 revenue outlook) comes out to be slower
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