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. The company on Monday reported a 5.

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.