Shares of Hexaware Technologies on Friday slumped by nearly 9 per cent after the company lowered its revenue outlook for the October-December quarter, citing changes in a contract and a $450,000 hit on account of Hurricane Sandy.
Following the news, shares of the company went into a tailspin, falling 8.97 per cent to Rs 96.90 on the BSE.
At NSE, the stock plunged 8.68 per cent to Rs 97.20.
"Due to certain unforeseen changes to a project plan in a large engagement for a customer, Hexaware now expects the revenues for fourth quarter of 2012 to be $92 million. The revised revenue guidance also includes impact of $450,000 on account of Hurricane Sandy on the Eastern Coast of the US," Hexaware said in a filing to the BSE.
While reporting earnings for quarter ending September 30, 2012 (third quarter), Hexaware had issued a revenue outlook of USD 94.7 million96.5 million for fourth quarter of 2012.
Hexaware expects to grow 18 per cent year-on-year in Calendar Year 2012. In FY2011, the company's revenue stood at $308.1 million.
The revised outlook is about 2.85 per cent below the lower end of its earlier outlook and 4.66 per cent below the higher end.