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 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.

HCLTech outperformed analyst estimates on both fronts. A Bloomberg survey of 24 analysts expected HCLTech to report $3.5 billion in revenue and a similar survey of 22 analysts expected the company to report $537 million in net profit.

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.