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.

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.

HCLTechs software revenue growth however declined 2.1% YoY in constant currency terms as it failed to close some deal renewals as well as new deals. Consolidated revenue in the three months ended December grew 5.

Indias third-largest IT services provider, saw its shares fall on Tuesday following third-quarter results that missed revenue forecasts. The company reported a 5.1% rise in