Tech Mahindra tumbles nearly 12%; mcap dips by Rs 4,849 cr

Shares of IT firm Tech Mahindra

today dropped nearly 12 per cent, eroding Rs 4,849.8 crore

from its market valuation, after the company reported a 31 per

cent decline in consolidated net profit for the March quarter

of last fiscal.

The stock plummeted 11.66 per cent to close at Rs 379.30

on BSE. During the day, it plunged 16.71 per cent to Rs 357.60

-- its 52-week low.

On NSE, it tumbled 11.58 per cent to end at Rs 379.45.

Following the sharp sell-off in the stock, the company's

market valuation also declined by Rs 4,849.8 crore to Rs

36,972.20 crore.

On the volume front, 21.31 lakh shares of the company

were traded on BSE and over one crore shares changed hands at

NSE during the day.

Tech Mahindra on Friday reported a 31 per cent decline in

its consolidated net profit to Rs 588 crore for the fourth

quarter ended March 2017.

The company had posted a net profit of Rs 854.8 crore in

the same period a year ago.

Consolidated revenue of Tech Mahindra increased by 8.8

per cent to Rs 7,495 crore in the reported quarter, from Rs

6,883.8 crore in the same period of 2015-16.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)