Concerted buying

Despite promoters — BVR Mohan Reddy and Krishna Bodanapu's — effort to arrest the fall in Cyient’s stock, investors remain jittery over weak guidance

The slowdown bug seems to have finally bit mid-cap IT firm, Cyient. The Hyderabad-based Rs.46 billion software specialist in engineering solutions, including product development and life cycle support, process, network & content engineering, reported over 5% decline in Q1FY20 sales. Consolidated year-on-year revenue fell to $156.6 million from $165.2 million. After the result was announced on July 19, the stock has come off 15%, taking the CY19 decline to 24% from Rs.619. It had hit an all-time high of Rs.880 in May 2018.