Shares of Quick Heal Technologies plunged 14% on April 18 amid a heavy sell-off after the security software solutions provider reported disappointing quarterly earnings.

The company’s consolidated operating income fell 52% year-on-year to Rs 49.3 crore in the quarter that ended March, while reporting a net loss of Rs 6.6 crore for the quarter, compared to Rs 28.09 crore a year earlier.

Shares of the company were trading down 7.7% at Rs 136.3 at 10:00 am on the BSE.

While Quick Heal’s share price has fallen from Rs 200 to Rs 147 in the past six months, it has been climbing over the past month. The stock has corrected more than 20% year-to-date.

In addition, the company announced that Navin Sharma has resigned as Chief Financial Officer. His resignation will be effective after the close of business on April 18, 2023. Accordingly, Ankit Maheshwari has been appointed Chief Financial Officer, effective April 26, 2023.

The Pune-based company is a leading provider of IT security and data protection solutions with a strong footprint in India and growing globally.