Mindtree shares pare early gains; tumble nearly 9% on profit-taking

In early trade, the stock had climbed 3% after the company registered a 49.1% jump in consolidated net profit in the fourth quarter of FY22

Shares of IT company Mindtree on Tuesday pared all early gains and settled nearly 9 per cent lower amid profit-taking by investors.

In early trade, the stock had climbed 3 per cent after the company registered a 49.1 per cent jump in consolidated net profit in the fourth quarter of FY22.

The stock, which jumped 3 per cent to Rs 4,080 in early trade on the BSE, later gave up all the gains and tanked 8.13 per cent to settle at Rs 3,638.70 apiece.

On the NSE, it plunged 8.93 per cent to settle at Rs 3,604.

Weakness in other IT counters also played spoilsport for Mindtree.

Shares of Infosys, Tech Mahindra, HCL Technologies, TCS and Wipro also ended lower.

The BSE IT index declined 2.64 per cent.

Mindtree on Monday said it has registered a 49.1 per cent jump in consolidated net profit at Rs 473.1 crore in the fourth quarter of FY22 compared to the year-ago period.

The company had recorded a net profit of Rs 317.3 crore in the same period of the previous fiscal.