Tech M hits over 2-month low on disappointing Q2 results; analysts bearish

ICICI Securities believes key will be how new CEO (from December, 2023) pivots the business to more diversified from current Communication heavy construct ahead

Shares of Tech Mahindra slipped 5 per cent to Rs 1,089 on the BSE in Thursday's intraday trade after the information technology companyreported a weak set of numbers for the quarter ended September (Q2FY24) with its net profit plummeting 61.6 per cent year-on-year (YoY) to Rs 494 crore. Sequentially net profit was down 28.7 per cent.

The stock hit its lowest level since July 31, 2023. At 09:44 AM, it was quoting 3 per cent lower at Rs 1,107.60 as compared to 0.96 per cent decline in the S&P BSE Sensex.

Tech Mahindra's revenue stood at Rs 12,864