Shares of Mahindra Satyam slumped by nearly 6% in morning trade on the bourses today after the company reported a net loss of Rs 327 crore for the quarter ended March 31, 2011.
Following the results, the scrip of the IT firm fell by 5.79% to touch a low of Rs 72.30 on the BSE, while on the NSE, it tanked by 5.98% to hit an early low of Rs 72.30.
"The numbers are below-the-market expectations and that is the reason the stock is trading under pressure," Ashika Stock Brokers Research Head Paras Bothra said.
On the volume front, over one crore shares of the company changed hands on the bourses within the first two hours of trade.
Mahindra Satyam today reported a consolidated net loss of Rs 327 crore for the quarter ended March 31, 2011, on account of exceptional expenditure, including payments made to settle SEC and Upaid lawsuits in the US.
For the full year ended March 31, 2011, the company's consolidated net loss widened to Rs 147.3 crore from Rs 124.6 crore in the same period last year.
Meanwhile, the BSE benchmark Sensex was trading down by 190.24 points at 18,135.85 at 1138 hours.
