Tech Mahindra shares slip nearly 5% as Q3 profit dips

Shares of Tech Mahindra today fell by nearly 5 per cent, wiping out Rs 2,028.87 crore from its market valuation, after the company reported a 5.7 per cent decline in net profit for the third quarter of 2015-16.
The stock dipped by 4.71 per cent to settle at Rs 475.30 on BSE. During the day, it lost 5.17 per cent to Rs 473.
At NSE, shares of the company declined by 4.65 per cent to end at Rs 474.45.
The company's market valuation fell by Rs 2,028.87 crore to Rs 45,972.13 crore.
In terms of volume, 3.45 lakh shares of the company changed hands at BSE and over 57 lakh shares were traded at NSE during the day.

The fifth-biggest software exporter Tech Mahindra yesterday posted a 5.7 per cent decline in the December quarter net at Rs 759.2 crore, pulled down by a margin squeeze due to its acquisitions during the quarter.
The Mahindra group company had registered a post-tax profit of Rs 805.3 crore in the year-ago period.
Its overall revenues surged 16.50 per cent during the quarter to Rs 6,701.1 crore, but operating profit declined to Rs 1,135.9 crore from Rs 1,170 crore.