These 10 stocks were ‘earnings accidents’ in just two weeks of the Q3 results season – Read

The December quarter earnings season so far has thrown in more setbacks than results that impressed the Street in just the first two weeks.

From HCLTech to Dixon Technologies, stocks have experienced extreme reactions despite reporting numbers that were either in line with expectations or such that can not be classified as “bad”. Here is a look at some of the earnings accidents for the quarter so far:

HCLTech | The IT services provider fell 9% in reaction to its results after it made no change to its organic growth guidance for the year. That left brokerages unimpressed, some of whom even downgraded the stock and cut their price targets. The stock still trades at similar levels post that 9% fall on January 14.

Infosys | The company reported a strong quarter and even raised guidance, but the management said the wage hike’s impact on the margin will be felt across the next two quarters. The US-listed shares fell 6% overnight after the results, and the Indian shares followed suit the next day. However, since then, the stock has recovered most of those losses, after brokerages reiterated the stock among their top pick within the sector.

Axis Bank | The lender’s growth in advances and deposits fell to a 15-quarter low during the December quarter and that weighed on the earnings reaction. Shares of the lender fell 4.5% on January 17 and have been on a six-day losing streak since then. Brokerages, too, cut their price target on the stock.

Zomato | The food delivery aggregator posted its results on Monday, January 20, where it spoke of a slowdown in the food delivery business and said its quick commerce business, Blinkit, will remain loss-making for the near term. The stock fell 7% on the day of the result announcement and another 10% the next day after brokerages slashed price targets on the stock. The fall in Zomato also hurt the shares of its closest competitor, Swiggy.

Dixon Tech | The 14% drop in Dixon’s stock following its earnings highlights the high expectations built into the results, despite the company posting a 100% increase in both revenue and profit compared to the same quarter last year. The stock’s 14% fall post results was the biggest fall in two years. The stock has since entered the F&O ban.

Cyient | Shares of Cyient fell 20% on Friday after the management cut its guidance for its core business of digital, engineering and technology to a negative 2.7% from flat earlier and also cut its margin guidance to 13.5% from 16% earlier. The company’s CEO also resigned after just 20 months, short of his originally planned three-year tenure.

Spandana Sphoorty | Shares of Spandana Sphoorty Financial Ltd. are in a 5% lower circuit on Friday, January 24, after its December quarter results, where its write-offs exceeded the absolute gross non-performing asset (NPA) figure of the September quarter. Write-offs during the quarter stood at ₹678 crore, higher than the current and previous quarter’s gross NPA figures of ₹400 crore and ₹477 crore, respectively. The stock is down 70% from its peak.

Suryoday Small Finance Bank | Suryoday Small Finance Bank Ltd. revised its guidance lower for the financial year 2025 across various metrics from loan growth to return ratios. More importantly, it sees a sharp deterioration in its asset quality. The stock is also down 7% on Friday post the earnings and guidance revision.

Tejas Networks | This stock has also seen an extreme reaction to its results where its revenue fell on a sequential basis, as did the net profit figure. The company’s order book also saw a quarter-on-quarter decline, leading to a drop in its shares on Friday.