HCL Info tanks big time

HCL Infosystems has tanked big time today morning. Though it opened marginally higher, it fell to Rs.43.85 and continues to remain down in the red at Rs.45 levels, a drop of around 9% over previous close.

The market has expected the company to turnaround in Q2CY15 (year ending 31^st Dec) as its consolidated loss in Q1 had come down to Rs.45 crore v/s Rs.72 in previous Q1. But nothing of that sort happened and the company ended the current Q2 with a higher consolidated loss of Rs.51 crore. YoY, the loss is slightly lower from Rs.44 crore. Its total income fell from Rs.1937 crore to Rs.1450 crore (YoY) and Rs.1683 crore (QoQ).