Shares of India’s Tech Mahindra experienced a significant drop of 6.2% on Thursday following the third-quarter earnings report, which fell short of expectations. The country’s fifth-largest IT services company reported a 60.6% decline in profit, amounting to 5.10 billion rupees ($61.4 million) for the three-month period ending on December 31. Analysts had projected a higher profit of 6.17 billion rupees, as per LSEG data. This underperformance caused a negative market reaction, leading to the decline in Tech Mahindra’s share value. It remains to be seen how the company will navigate these challenges moving forward.
India’s Tech Mahindra shares dropped by 6.2% as the company’s Q3 profit of 5.10 billion rupees ($61.4 million) fell short of analysts’ estimates. The profit decline was 60.6% compared to the previous year.
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