Tech Mahindra shares tank nearly 6% after announcement of earnings

Tech Mahindra saw its revenues decline by 1.2% to ₹13,005 crore during the reporting quarter.
| Photo Credit: Reuters

Shares of IT services firm Tech Mahindra slumped nearly 6% on July 26 after the company’s revenues declined by 1.2% during the June quarter.

The stock tanked 5.52% to ₹1,445.50 on the Bombay Stock Exchange (BSE). At the National Stock Exchange (NSE), it tumbled 5.60% and was trading at ₹1,444.25 per share.

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The stock emerged as the biggest laggard among the Sensex and Nifty firms. Tech Mahindra on July 25 reported a 23% jump in consolidated net profit to ₹851 crore for the June 2024 quarter.

The Mahindra Group company posted a net profit of ₹692.5 crore in the past year. The company, which began a three-year strategic restructuring under a new head recently, saw its revenues decline by 1.2 % to ₹13,005 crore during the reporting quarter.

The new managing director and chief executive Mohit Joshi said the performance in FY25 will be better than the previous period.