Latest News | Tech Mahindra Shares Fall over 6 Pc After December Quarter Earning
Get latest articles and stories on Latest News at LatestLY. 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.
New Delhi, Jan 25 (PTI) 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.
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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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)