Tech Mahindra share price falls over 4% despite Q3 profit; should you buy or sell?

Tech Mahindra share price fell as much as 4.18 per cent to Rs 921.40 apiece on BSE today, even as the IT firm posted a 14.3 per cent rise in its consolidated net profit at Rs 1,309.8 crore for the October-December quarter. The company had registered a net profit of Rs 1,145.9 crore in the corresponding quarter of the previous year. Tech Mahindra was the top Sensex laggard today. So far in the intraday session, over 75,000 shares were traded on the BSE, while 16.66 lakh shares exchanged hands on NSE, as per the data from the respective stock exchanges. AR Ramachandran, Co-founder & Trainer, Tips2Trade, told Financial Express Online that even though Q3FY21 results of Tech Mahindra were better than Street expectations, a prevailing bearish sentiment across sectors including Nifty IT is leading to a strong downtrend in Tech Mahindra and other IT stocks.