Tech Mahindra shares tank nearly 6% after earnings announcement
The company's revenues declined 1.2% to Rs 13,005 crore during the June quarter.
The shares of IT services firm slumped nearly 6% on Friday after the company's earnings announcement.
Tech Mahindra's revenues declined by 1.2% during the June quarter.
The stock tanked 5.52% to Rs 1,445.50 on the BSE. On the NSE, it tumbled 5.60% to Rs 1,444.25 apiece. The stock emerged as the biggest laggard among the Sensex and Nifty firms.
On Thursday, the Mahindra group company reported a 23% jump in consolidated net profit to Rs 851 crore for the June 2024 quarter. It had posted a net profit of Rs 692.5 crore in the year-ago period.
The company, which began a three-year strategic restructuring under a new head recently, saw its revenues decline by 1.2% to Rs 13,005 crore during the reporting quarter.
Its new Managing Director and Chief Executive, Mohit Joshi, said the performance in FY25 will be better than the year-ago period.
Edited by Swetha Kannan
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