Shares of IT firm TAKE Solutions today slumped nearly 8 per cent after the company said the recent floods in Chennai will impact its revenue and margins for the quarter ended December 31.
The stock dipped by 7.72 per cent to Rs 167.25 at BSE.
On the NSE, it plunged 7.81 per cent to Rs 167.50.
TAKE and its subsidiaries have multiple facilities in Chennai with a strength of more than 450 people.
“Due to the facilities being non-operational for a week, there have been consequential delays in client delivery. As TAKE’s contracts are primarily fixed bid in nature, we expect some of the milestone deliveries to slip into the next quarter,” it had said in a BSE filing yesterday.
The company, which has also suffered some asset loss, is in touch with insurance companies to assess the material damage and claims will be as per the policy guidelines, it added.
Other tech firms such as Tata Consultancy Services and Wipro have also expressed similar concerns.