New Delhi: Tech Mahindra's stock dropped by almost 6 percent on Friday following a 1.2 percent decrease in the company's revenues in the June quarter. The share price fell by 5.52 per cent to Rs 1,445.50 on the BSE. It fell by 5.60 percent to Rs 1,444.25 each on the NSE.
The stock became the top underperformer within the Sensex and Nifty companies. Tech Mahindra reported a 23 percent increase in combined net income to Rs 851 crore for the quarter ending in June 2024.
The Mahindra group company had reported a net income of Rs 692.5 crore in the previous year. During the reporting quarter, the company, under new leadership, started a three-year strategic restructuring, resulting in a 1.2 per cent decrease in revenues to Rs 13,005 crore. The new MD and CEO, Mohit Joshi, stated that the FY25 performance will surpass that of the previous year.
FIRST Business Portal addressing the potential of business capability of North East Region.
