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.

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.

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.

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.