Cyient stock cracks 8% after a dull Q3

NEW DELHI: Shares of IT consulting and software firm Cyient cracked 8 per cent on Friday morning, a day after its December quarter numbers failed to excite the market.

The company hit a bump in the December quarter sequentially, which was attributed to degrowth in semiconductor and communications businesses wherein some of the key expected deals got pushed out to next quarters.

However, the company managed to report nearly 70 per cent growth year-on-year and improve operating margin by 103 basis points, driven by better selling, general and administration absorption and better operational metrics.


Separately, Cyient on Thursday said it would consider a share buyback proposal later, adding that it needs further deliberations on the same.

The stock closed 1.52 per cent down at Rs 618 on the BSE .