The HCL Technologies CEO noted that the company is now focused on sequential improvements. "Although the June quarter is typically a soft quarter for the firm, the performance was below the management’s expectations," Vijayakumar said.

The shares of this telecom equipment maker hit record high in today's trading session and witnessed the biggest single-day gain since November 2019.

"The overall situation in India is grim" says Coromandel International. Price reductions have happened over the past couple of quarters and the channel inventory is higher than normal levels. 

The most recent profit warning came from FMC, a global leader in agricultural sciences. The company slashed its revenue guidance for the second quarter and full-year 2023, driven by substantially lower-than-expected volumes due to an abrupt and significant reduction in inventory by channel partners in North America, Latin America and EMEA