HCL Infosystems share price at year low on 83% fall in profit

Shares of information technology (IT) firm HCL Infosystems plunged up to 7 per cent in morning trade on the bourses on Thursday after the company reported a nearly 83 per cent decline in net profit for the quarter ended June 30.

The company's quarterly results were announced after the market closed on Wednesday.

After starting the day on a sluggish note, the stock extended its losses and tumbled 6.93 per cent to a one-year low of Rs 69.10 on the National Stock Exchange. A similar trend was seen on BSE, where the stock dropped by 5.78 per cent to hit a 52-week low of Rs 70.

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HCL Infosystems reported a nearly 83 per cent decline in net profit to Rs 11.48 crore for the quarter ended June 30. The company had registered a net profit of Rs 67.23 crore in the same period last year.

Net sales of the company dropped 18.39 per cent to Rs 2,615.40 crore in the reporting quarter from Rs 3,204.86 crore in the same quarter last year.

Meanwhile, the BSE benchmark index Sensex was trading at 16,655.66, down 185.14 points at 10.25 am.