HCL Technologies sees market-indexing plunge, misses expectations on Tuesday.

HCL Technologies, a global IT services company, saw its stock price decline on Tuesday, underperforming the broader market. The company’s shares fell 2.4% to close at 1,247.25 Indian rupees ($17.32 USD), according to MarketWatch. This move came despite the Indian benchmark index, Nifty 50, rising 0.6%. The decline in HCL’s stock price may be attributed to concerns over the company’s profit margins, as well as concerns about the ongoing COVID-19 pandemic’s impact on the IT sector. In recent months, HCL has faced intense competition from rival companies, including TCS and Infosys, and has struggled to maintain its pricing power. Despite this, HCL has managed to report robust revenue growth in recent quarters, driven by strong demand for its services in areas such as digital transformation and cloud computing. With the pandemic ongoing, investors may be reevaluating the company’s growth prospects, leading to the decline in its stock price.