India’s HCLTech drops 8% after Q3 revenue misses estimates

(Reuters) – HCLTech, India’s no. 3 software services provider, plunged 8% on Tuesday after reporting a smaller-than-expected quarterly revenue and as a slew of brokerages cut their ratings on the shares. The company on Monday reported a 5.1% rise in consolidated revenue to 298.9 billion rupees ($3.45 billion), missing analysts’ expectations of 300.68 billion rupees, per data compiled by LSEG. At least 11 brokerages cut ratings on the stock post earnings, while four cut their price targets.

($1 = 86.5160 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala)