Tech Mahindra shares down 40% in 2022 amid IT selloff. Good levels to buy?
Tech Mahindra shares have fallen for three major reasons — employees' attrition, FIIs selling and weakness in US IT stocks listed at Nasdaq, say stock market experts
Tech Mahindra share price has been under sell-off heat after ushering in new year 2022. In year to date (YTD) time, this IT stock has nosedived from around ₹1784 to ₹1108 apiece levels, logging near 40 per cent dip in this period. According to stock market experts, Tech Mahindra shares have consolidated after huge selloff by FIIs. They said that like any other IT company, Tech Mahindra is also facing employees' attrition and FIIs selling. In March 2021, FIIs shareholding in Tech Mahindra stood at around 39.5 per cent that has come down at around 34.3 per cent in March 2022. They went on to add that there can be some more downside in the IT stock and it may go up to ₹1050 levels in near term. However, they advised positional investors to accumulate Tech Mahindra shares in ₹1,000 to ₹1,050 zone.
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