After TCS and Wipro, two more IT companies have issued revenue warnings, saying the recent Chennai floods may impact their December quarter financial performance. (Read)
Following the disclosure, Take Solutions shares slumped nearly 8 per cent, while Hexaware shares tumbled nearly 2 per cent on Friday.
Take Solutions, which employs over 450 people in Chennai, said unprecedented rainfall and floods led to delays in client delivery. Due to the facilities being non-operational for a week, there have been delays in client delivery, it added.
"This loss of operational time and certain one-time costs associated with this natural calamity are expected to impact the revenue and margins," Take Solutions said in a statement.
Mumbai-based Hexaware Tech said Chennai flood is expected to have a "material" impact on the company's revenue in the December quarter.
"We have a one-time impact on cost due to wide recovery efforts," the company added.
44 per cent of Hexaware's employees are located in Chennai, where the company has its biggest delivery centre that contributes 23.5 per cent of the global revenue.
Take Solutions shares closed 5.92 per cent lower at Rs 170.95, while Hexaware shares ended flat at Rs 241.30 as compared to 1.05 per cent fall in broader markets.
The devastating Chennai floods led to hundreds of deaths in India's fifth largest city. The Indian economy suffered a $3 billion loss from severe rainfall and flooding in November and early December, reinsurance broker Aon Benfield said in its monthly report on global catastrophes.
After TCS and Wipro, two more IT companies have issued revenue warnings, saying the recent Chennai floods may impact their December quarter financial performance. (Read)
Following the disclosure, Take Solutions shares slumped nearly 8 per cent, while Hexaware shares tumbled nearly 2 per cent on Friday.
Take Solutions, which employs over 450 people in Chennai, said unprecedented rainfall and floods led to delays in client delivery. Due to the facilities being non-operational for a week, there have been delays in client delivery, it added.
"This loss of operational time and certain one-time costs associated with this natural calamity are expected to impact the revenue and margins," Take Solutions said in a statement.
Mumbai-based Hexaware Tech said Chennai flood is expected to have a "material" impact on the company's revenue in the December quarter.
"We have a one-time impact on cost due to wide recovery efforts," the company added.
44 per cent of Hexaware's employees are located in Chennai, where the company has its biggest delivery centre that contributes 23.5 per cent of the global revenue.
Take Solutions shares closed 5.92 per cent lower at Rs 170.95, while Hexaware shares ended flat at Rs 241.30 as compared to 1.05 per cent fall in broader markets.
The devastating Chennai floods led to hundreds of deaths in India's fifth largest city. The Indian economy suffered a $3 billion loss from severe rainfall and flooding in November and early December, reinsurance broker Aon Benfield said in its monthly report on global catastrophes.
After TCS and Wipro, two more IT companies have issued revenue warnings, saying the recent Chennai floods may impact their December quarter financial performance. (Read)
Following the disclosure, Take Solutions shares slumped nearly 8 per cent, while Hexaware shares tumbled nearly 2 per cent on Friday.
Take Solutions, which employs over 450 people in Chennai, said unprecedented rainfall and floods led to delays in client delivery. Due to the facilities being non-operational for a week, there have been delays in client delivery, it added.
"This loss of operational time and certain one-time costs associated with this natural calamity are expected to impact the revenue and margins," Take Solutions said in a statement.
Mumbai-based Hexaware Tech said Chennai flood is expected to have a "material" impact on the company's revenue in the December quarter.
"We have a one-time impact on cost due to wide recovery efforts," the company added.
44 per cent of Hexaware's employees are located in Chennai, where the company has its biggest delivery centre that contributes 23.5 per cent of the global revenue.
Take Solutions shares closed 5.92 per cent lower at Rs 170.95, while Hexaware shares ended flat at Rs 241.30 as compared to 1.05 per cent fall in broader markets.
The devastating Chennai floods led to hundreds of deaths in India's fifth largest city. The Indian economy suffered a $3 billion loss from severe rainfall and flooding in November and early December, reinsurance broker Aon Benfield said in its monthly report on global catastrophes.
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