HCLTech
HCLTech shares plunge 10%, log worst single-day fall in over a decade
Mumbai/IBNS: Shares of HCLTech Ltd. plunged nearly 10 percent on Wednesday, marking their worst single-day performance since October 2015, according to media reports.
Brokerage downgrades trigger sell-off
The sharp fall came after brokerages downgraded the stock and slashed target prices following the company’s weak fourth-quarter performance.
INCRED cut its target price to Rs 1,275 from Rs 1,616, while Nuvama Wealth Management downgraded the stock from “buy” to “hold” and reduced the target to Rs 1,400 from Rs 1,550.
Broader market opens in red
The broader Indian market also opened in the red despite a temporary easing of tensions in West Asia.
The BSE Sensex dropped 400 points at the opening bell, while the NSE Nifty 50 slipped below the 24,500 mark.
Losses deepened soon after, with the Sensex falling nearly 800 points and the Nifty declining over 200 points in early trade.
Trump extends Iran ceasefire deadline
The market reaction came even as US President Donald Trump announced an extension of his April 22 deadline related to a potential ceasefire involving Iran.
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