Shares of HCL Infosystems plunged 9 percent intraday on Friday after announcing dismal March quarter results. The IT company’s net loss widened to Rs 47.16 crore in January-March quarter due to a slump in sales. It incurred a net loss of Rs 25.61 crore in the same period a year ago.
Net sales of the company dropped about 30 percent to Rs 1,376.19 crore during the said quarter from Rs 1,970.17 crore in the previous fiscal. Sales of hardware products and solutions plunged 66 percent to Rs 215.1 crore in the reported quarter from Rs 632.77 crore in the year-ago period.
HCL Infosystems is in the business of making and selling computer and IT peripherals and providing services related to computing products.
At 12:42 hrs the stock was at Rs 47.35, down Rs 4.05, or 7.88 percent on the BSE.
(With inputs from PTI)
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