Mumbai: For the second consecutive trading session, shares of Tech Mahindra Ltd were hammered down by investors, with the stock dropping 10% on Wednesday on the Bombay Stock Exchange while the overall market closed 2.9% down.
The stock lost Rs105.15 to close at Rs946.45, having dropped 7.4% on Monday. BSE-IT, the sectoral index of technology stocks, fell 2.54% on Wednesday.
The company’s quarterly performance failed to meet street expectations, with profit declining 22% to Rs172 crore from the year-ago period.
International investment advisories such as Citigroup Global Markets and CLSA Asia Pacific markets have a ‘sell’ recommendation on the stock while domestic brokerage Prabhudas Lilladher Pvt Ltd has a ‘reduce’ recommendation on the stock following the quarterly results.