HCLTech , India's third-largest software company, posted a smaller-than-expected December-quarter revenue on Monday, with clients holding back discretionary tech spending amid macroeconomic uncertainties.

At least 11 brokerages cut ratings on the stock after HCLTech reported a 5.1% rise in consolidated revenue to 298.9 billion rupees ($3.45 billion), missing analysts' expectations of 300.68 billion rupees due to underperformance in its software business.

HCL Technologies Q3 results are estimated to be strong with a revenue growth expected to be 4.5% on a sequential basis driven by seasonal tailwinds from renewals in its products business.

HCLTech, India's no. 3 software services provider, plunged 8% on Tuesday after reporting a smaller-than-expected quarterly revenue and as a slew of brokerages cut their ratings on the shares. The company on Monday reported a 5.

In profitability and return metrics, HCLTech saw EBIT growing 3.7% to ₹5,821 crore. The company declared a dividend of ₹18/- per share, including a special dividend of ₹6/- per share to celebrate 25 years of HCLTech’s public listing. This represents the 88th consecutive quarter of dividend pay-out.

IT company HCLTech on Monday reported a 5.54 per cent uptick in consolidated net profit to Rs 4,591 crore for the December quarter as the CEO expressed optimism for improvement in the demand environment and discretionary spending and raised the revenue growth guidance.

Wipro , India's fourth-largest IT services company, reported higher-than-expected third-quarter revenue on Friday, helped by positive momentum in its banking, financial services, and insurance (BFSI) vertical and in the Americas geography.