HCL Tech

HCL Tech announced on Saturday that one of its clients has slapped a legal notice on the company. It said, “MillersCoors, a client of the company has filed a lawsuit in the United States District Court for the Northern District of Illinois against the Company and HCL America Inc., a wholly owned subsidiary of the Company. MillerCoors allegation under the complaint is that HCL did not deliver an enterprise software project per the agreed timelines. This specific project started in December 2013 and ended in June 2016.”

The company has other projects running with the same client and hopes to resolve this amicably and has clarified that as the project has already ended, it is not expecting any adverse financial impact of the same for the quarter ending March 31, 2017.

The market is in a selling mood and today any negative news is played up. The stock price which had hit a new 52-week high on Thursday at Rs.880, is currently down 1.25% at Rs.860 levels.