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HCL Tech falls 8% after surging 45% in 3 weeks

Shares of Indian information technology company HCL Technologies Ltd fell as much as 8 per cent on Monday on profit-booking after gaining 45.5 per cent in a three-week run-up to its spectacular October-December results, dealers and analysts said.

HCL Technologies' shares dropped Rs 59.3 to a low of Rs 682.25 in early morning trading.

They recovered slightly to Rs 688, down Rs 53.55 from the previous close.

In contrast most other software shares rose on Monday morning and the Sensex advanced 1.39 per cent.

HCL Technologies on Friday reported second-quarter net income of Rs 1.24 billion, a jump of 177 percent over the year-earlier period, beating analysts' expectations of 105-134 per cent growth.

"There is nothing alarming about the price drop today. The share had risen too much too fast," said a dealer with a local brokerage.

He said some domestic mutual funds were among the sellers.

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