Tata Tech slips 5% after ramp down in key account drags results

Tata Group’s recently-listed IT services arm Tata Technologies recorded a 5% drop in its shares as the bourses opened on Monday, after the company posted a 27% year-on-year decrease in its Q4 net profit and 7% drop in topline on Friday after market hours. Since its listing in November, the stock has slipped about 13% to Rs 1,045.5 from its listing price of Rs 1,200, but is still significantly above its issue price of Rs 500.

The company said revenue in the services segment — that fell 0.6% sequentially to Rs 995 crore in Q4 — was impacted due to ramp down in its VinFast account,