Mindtree shares slump over 16%, m-cap falls by ₹2,593 crore
Mindtree stock settled at ₹821, registering a sharp fall of 16.13% on the BSE on Friday
New Delhi: Shares of IT firm Mindtree cracked over 16% Friday despite the company posting robust earnings in the September quarter.
The scrip settled at ₹821, registering a sharp fall of 16.13% on the BSE. Intra-day, it tanked 17.79% to ₹804.75.
On the NSE, shares of the company dropped 16.22% to close at ₹819.30.
The company’s market valuation fell by ₹2,593.05 crore to ₹13,479.95 crore on the BSE.
In terms of the equity volume, 4.87 lakh shares of the company were traded on the BSE and over 88 lakh shares changed hands on the NSE during the day.
Trading sentiment in the stock was hit as the company maintained a cautious business outlook amid volatile macroeconomic scenario across the world.
“We sense a cautious and a volatile macroeconomic scenario in the world and that will pose some challenges to the business environment. In addition, Q3 has a regular seasonality factors as well. Inspite of these headwinds, we are confident that we have a very strong pipeline,” Mindtree CEO and managing director Rostow Ravanan had said in a conference call Wednesday.
Mid-sized IT firm Mindtree Wednesday posted a 65.4% rise in consolidated net profit at ₹206.3 crore for the September quarter and exuded confidence of registering strong revenue growth for the full fiscal despite “some challenges in the global business environment”.
Stock markets were closed Thursday for Dussehra.
The company had registered a net profit of ₹124.7 crore in the year-ago period.
Its revenues rose 31.8% to ₹1,755.4 crore in the quarter under review from ₹1,331.6 crore in the year-ago period. On sequential basis, the net profit was higher by 30.4%, while revenue grew by 7.1%.
This story has been published from a wire agency feed without modifications to the text.