Shares of IT firm Mindtree cracked over 16 per cent Friday despite the company posting robust earnings in the September quarter.
The scrip settled at Rs 821, registering a sharp fall of 16.13 per cent on the BSE. Intra-day, it tanked 17.79 per cent to Rs 804.75.
On the NSE, shares of the company dropped 16.22 per cent to close at Rs 819.30.
The company's market valuation fell by Rs 2,593.05 crore to Rs 13,479.95 crore on the BSE.
In terms of the equity volume, 4.87 lakh shares of the company were traded on the BSE and over 88 lakh shares changed hands on the NSE during the day.
Trading sentiment in the stock was hit as the company maintained a cautious business outlook amid volatile macroeconomic scenario across the world.
"We sense a cautious and a volatile macroeconomic scenario in the world and that will pose some challenges to the business environment. In addition, Q3 has a regular seasonality factors as well. Inspite of these headwinds, we are confident that we have a very strong pipeline," Mindtree CEO and Managing Director Rostow Ravanan had said in a conference call Wednesday.
Mid-sized IT firm Mindtree Wednesday posted a 65.4 per cent rise in consolidated net profit at Rs 206.3 crore for the September quarter and exuded confidence of registering strong revenue growth for the full fiscal despite "some challenges in the global business environment".
Stock markets were closed Thursday for Dussehra.
The company had registered a net profit of Rs 124.7 crore in the year-ago period.
Its revenues rose 31.8 per cent to Rs 1,755.4 crore in the quarter under review from Rs 1,331.6 crore in the year-ago period. On sequential basis, the net profit was higher by 30.4 per cent, while revenue grew by 7.1 per cent.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)