Tech Mahindra slips 6% as investors book profit post Q3FY24 results

Shares of Tech Mahindra slipped 6 per cent to Rs 1,322 on the BSE in Thursday’s intraday trade as investors booked profit in the shares after the company reported a 60.6 per cent year-on-year (Y-o-Y) decline in net profit to Rs 510.4 crore for the December quarter (Q3FY24).

Ahead of the result, the stock rallied 13 per cent in the past two weeks. It had hit a 52-week high of Rs 1,416 on January 23. That said, despite today’s decline, the stock has outperformed the market by gaining 16 per cent in the past six months, as against 6.7 per cent rise in the benchmark index.