Shares of HCL Technologies declined by 5.45 per cent to Rs 362 on the Bombay Stock Exchange in early trade after the IT major reported a 36 per cent fall in its quarterly net profit.
"The fall in the stock is in-line with the market, which is in profit booking mode and any negative news will have its effect on the stocks vis-a-vis on the market," SMC Global Vice-President Rajesh Jain said.
HCL Tech reported a 36 per cent decline in standalone net profit at Rs 255 crore for the October-December quarter.
Profit booking takes a toll on the IT index, which fell the most by 2.03 per cent to 5,084.50 points.
IT bellwether Infosys Technologies was down 1.56 per cent at Rs 2,533. Other major losers in the segment were TCS (down 1.21 per cent), and Wipro (0.79 per cent).
The BSE Sensex declined by 118.75 points to 16,740.93 points in early trade on Monday on profit booking in the cautious market.