Tanla Platforms corrects 8% in five days

Tanla Platforms fell 2.62% to Rs 1759.80, extending losses for the fifth trading session.

Shares of Tanla Platforms have fallen 7.98% in five trading sessions.

On a year-to-date (YTD) basis, the stock has surged 141.55% while the benchmark Sensex has added 21.70% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 28.52. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading below its 50-day and 100-day simple moving average (SMA) placed at 1854.87 and 1853.89, respectively. However, it was trading above 200-day SMA placed at 1720.66.

Tanla Platforms, one of the world's largest CPaaS players, processes more than 800 billion interactions annually and about 62% of India's A2P SMS traffic is processed through its distributed ledger platform.

The IT software company posted a 67% increase in net profit to Rs 136.17 crore on a 44.3% rise in net sales to Rs 841.62 crore in Q2 FY22 over Q2 FY21.

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