Tech Mahindra Shares Plunge 6% After Earnings

New Delhi, Jul 26 (PTI) Shares of IT services firm Tech Mahindra on Friday slumped nearly 6 per cent after the company's revenues declined by 1.2 per cent during the June quarter.

The stock tanked 5.52 per cent to Rs 1,445.50 on the BSE.

At the NSE, it tumbled 5.60 per cent to Rs 1,444.25 apiece.

The stock emerged as the biggest laggard among the Sensex and Nifty firms.

Tech Mahindra on Thursday reported a 23 per cent jump in consolidated net profit to Rs 851 crore for the June 2024 quarter.

The Mahindra group company had posted a net profit of Rs 692.5 crore in the year-ago period.

The company, which began a three-year strategic restructuring under a new head recently, saw its revenues decline by 1.2 per cent to Rs 13,005 crore during the reporting quarter.

Its new managing director and chief executive Mohit Joshi said the performance in FY25 will be better than the year-ago period.