Q3 Top-Line Miss Sinking Syntel Shares

Shares Of Syntel, Inc SYNT were down sharply during Thursday's trading session following the banking IT company's Q3 earnings report.

Syntel reported Q3 sales of $241 million while the Street was looking for revenue of $249.8 million. On the bottom line, the company saw a per share loss of $2.58, a penny less than the loss expected by consensus estimates.

Syntel shares dropped as low as $22.91, hitting a new 52-week low before slightly recovering.

For the 2016 fiscal year, Syntel expects a per share loss between $0.65 and $0.75, compared to average analyst estimates of $0.67, on sales of $960-$970 million. The Street was hoping for full-year sales of $993 million.

In early afternoon trading, Syntel was down more than 15 percent at $22.36, on more than twice the average trading volume.