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Ever since the COVID-19 scare gripped the markets, HCL Technologies share has been falling rapidly.
The fall of the rupee didn’t help its case eventhough a weak domestic currency is a positive for export earners.
Investors are worried about the prospects of IT services companies in the face of an anticipated global economic slowdown.
At the start of March 2020, HCL Tech shares bounced back from ₹530 levels and rose almost 10 per cent in a few trading sessions.
It looked like it had left the previous month’s worries behind. But within a few days, as the global markets turned negative, the tide turned again, and the scrip posted losses, and has now given up all its gains in March.
Last Friday, HCL Tech shares were down nearly 16 per cent for the day before trading was halted.
The company has a decent order book and has delivered on its revenue and margin targets till the end of December 2019 quarter.
The March 2020 quarter results would be watched keenly.
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