HCL Tech shares fall after SAP lowers guidance

HCL Tech shares dropped sharply after German multinational software maker SAP cut its 2013 revenue growth outlook from 11-13 per cent to 10 per cent. HCL, a SAP Global Services Partner since December 2007, earns 19 per cent revenues from enterprise application services.

Shares in HCL Tech, India's fourth largest software outsourcer, traded 2 per cent lower at Rs 858.80 as of 1.07 p.m., underperforming the broader BSE IT benchmark, which traded with gains. (Track stock)

SAP, which makes enterprise software to manage business operations and customer relations, also cut its outlook for software and software-related services revenue.