Shares of Tech Mahindra on Thursday plunged over 6 per cent after the company reported a 60 per cent decline in net profit to Rs 510.4 crore for the December quarter, largely because of a sharp squeeze in profit margins.
The stock tanked 6 per cent to Rs 1,322 on the BSE.
It fell 6.24 per cent to Rs 1,320.05 on the NSE.
It was the biggest laggard among the Sensex and Nifty firms during the morning deals.
In the broader equity market, the 30-share BSE Sensex traded 584.08 points lower at 70,481.94, and the Nifty fell by 159.55 points to 21,294.40.
For the reporting quarter, its overall revenue from operations declined 4.6 per cent to Rs 13,101 crore from Rs 13,734 crore in the year-ago period.
However, it was a sharp decline in operating profits, with margins narrowing to 5.4 per cent from 12 per cent in the year-ago period, which seems to have impacted the headline profit.
top videos
North Korea Demolishes Monument Symbolising Union With South | South Korea Vs North Korea | N18V
Houthi Attack U.S. Navy Ship | Yemen’s Houthis Say They Targeted U.S. Ships | N18V | News18
Bengaluru Traffic Jam Problems To Be Solved by Artificial Intelligence | Bengaluru Roads | N18V
Himanta Sarma Vs Rahul Gandhi: Case Against Congress MP Rahul Gandhi Transferred To Assam CID | N18V
Union Home Ministry Cancels Centre For Policy Research’s FCRA License | FCRA News | English News
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
first published: January 25, 2024, 11:14 IST
