Stocks

HCL Infosystems falls as Q1 loss widens

Reuters Bengaluru | Updated on August 01, 2019

The shares of HCL Infosystems on Thursday were down as much as 6.6 percent to ₹10.65.

The June-quarter loss has widened to ₹39.97 crore ($5.79 million) compared with a loss of ₹28.6 crore a year ago. The revenue has dived 40 percent to ₹681 crore compared with ₹1129 crore in the previous year.

The consumer distribution businesses had a subdued performance in revenue and margin. It had suffered due to a lack of exclusive product line-up by the principal in e-commerce space. Enterprise business was impacted by the competitive environment and market slowdown, Rangarajan Raghavan, Managing Director said in a statement.

Up to the last close, stock down was 54.5 percent this year.

Published on August 01, 2019

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