Shares of Tech Mahindra have plunged nearly 14% in today’s trade, after the company came out with its disappointing numbers for the fourth quarter. The company has reported a tepid set of numbers which has resulted a worst quarter for it in many years.
Tech Mahindra has reported a profit after tax of Rs 472 crores, which is 39% less from the previous quarter. The EBITDA margin of the company has seen a decline of 500 basis points to 15%.
Stocks of Tech Mahindra nosedive 14%
The stocks of Tech Mahindra have plunged down in today’s trade. The stock was beaten down heavily after the results were announced. The stock closed at 546.1, down by 14.75% from yesterday’s close. The stock witnessed heavy hammering right from the beginning of the trading session
Sensex and Nifty close flat
Midcap banking stocks witnessed buying interest today. Stocks of Allahabad Bank, Union Bank, Syndicate Bank and Karnataka Bank – have all gained in today’s trade.