Tech Mahindra nosedives nearly 17% on disappointing Q4

Posted By: Religare
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Shares of Tech Mahindra plunged nearly 17 per cent, hitting 52-week low, on the Bombay stock Exchange after the IT services firm reported a drop of 30.2 per cent in its consolidated net profit after tax at Rs 589.69 crore sequentially for the March quarter of FY17, as compared to Rs 844.86 crore in December quarter.

Tech Mahindra nosedives nearly 17% on disappointing Q4
Tech Mahindra: Quotes, News
BSE 430.20BSE Quote2.65 (0.62%)
NSE 431.10NSE Quote2.25 (0.52%)

Weighed down by Q4, shares of the company declined as much as 16.71 per cent to hit 52-week low of Rs 357.60 apiece on the Bombay Stock Exchange. The scrip was currently trading at Rs 384.75 against previous close price of Rs 429.35.

In a similar fashion, stocks of firm were trading 10.32 per cent lower at Rs 384.85 apiece on the National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 31,060.97, up 32.76 points or 0.11 per cent, at 11:35 hours.

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