Software company Intellect Design Arena's stock price tanked 20 percent intraday on Tuesday on account of weak Q2 earnings. The 20 percent intraday fall in the stock brought down the price per share to Rs 149.60.
NSE
The software developing company's Q2 net loss came in at Rs 1,331 crore as against the profit of Rs 50 crore in the same quarter last year.
Revenue from operations declined 40 percent year-on-year (YoY) at Rs 1,806.02 crore as against Rs 2,530.41 crore during the same quarter last year.
While deferral of a large multi-million dollar deal and external factors have depressed revenues this quarter, Arun Jain, chairman and managing director of the company, assured that the firm's readiness to capitalise on the market shift towards cloud and industrialisation successes provide confidence for the future.
The quarter recorded 9 digital-led deal wins including four large transformation deal wins. Intellect went live in 13 financial institutions across the world during this quarter.
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