Kopar Khairane

Tech Mahindra’s Stock Drops More Than 6% Following December Quarter Results

<p>Tech Mahindra’s shares fell more than 6% on Thursday after the company’s announcement of a 60% decrease in net profit for the December quarter, to Rs 510.4 crore, mostly as a result of a severe strain on profit margins.</p>
<p><img decoding=”async” class=”alignnone wp-image-372873″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-tech-mahindras-stock-drops-more-than-6-following-december-quarter-results-image-24.jpg” alt=”theindiaprint.com tech mahindras stock drops more than 6 following december quarter results image 24″ width=”1005″ height=”670″ title=”Tech Mahindra's Stock Drops More Than 6% Following December Quarter Results 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-tech-mahindras-stock-drops-more-than-6-following-december-quarter-results-image-24.jpg 510w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-tech-mahindras-stock-drops-more-than-6-following-december-quarter-results-image-24-150×100.jpg 150w” sizes=”(max-width: 1005px) 100vw, 1005px” /></p>
<p>On the BSE, the shares plummeted 6% to Rs 1,322.</p>
<p>On the NSE, it dropped 6.24% to Rs 1,320.05.</p>
<p>During the morning trades, it was the Sensex and Nifty company that lagged the most.</p>
<p>The 30-share BSE Sensex dropped 584.08 points to 70,481.94 in the wider equities market, while the Nifty dropped 159.55 points to 21,294.40.</p>
<p>Its total operating revenue for the reporting quarter dropped 4.6% to Rs 13,101 crore from Rs 13,734 crore in the same time last year.</p>
<p>But what seems to have hurt the headline profit was a steep drop in operational earnings, with margins falling to 5.4% from 12% in the same time last year.</p>

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