Corporate India is staring at fresh losses on foreign exchange derivatives, thanks to the sudden, 7-per cent depreciation of the rupee in the quarter ended June 2008, with much of the fall coming in May. After HCL Technologies announced last week that it will suffer forex losses of $65-75 million (nearly Rs 278-322 crore) for the quarter ended June 30, 2008, the last two days saw three companies taking a hit on forex derivatives. On Thursday, Bangalore-based biotech company Biocon saw its net profits decline by 72 per cent for the quarter ended June 2008, thanks to a forex loss of Rs 6 crore and a mark-to-market provision of Rs 26 crore for its exposures to forex derivatives. On Wednesday, IT major Tata Consultancy Services (TCS) reported a forex loss of Rs 75.30 crore for the quarter ended June, which partly resulted in its net profits growing slower at 7 per cent year-on-year to Rs 1291 crore.