<p>New Delhi: Shares of Tech Mahindra on Thursday plunged over 6 per cent after the company reported a 60 per cent decline in net profit to Rs 510.4 crore for the December quarter, largely because of a sharp squeeze in profit margins.</p>.<p>The stock tanked 6 per cent to Rs 1,322 on the BSE. It fell 6.24 per cent to Rs 1,320.05 on the NSE.</p>.<p>It was the biggest laggard among the Sensex and Nifty firms during the morning deals.</p>.Markets fall in early trade dragged by IT stocks, foreign fund outflows.<p>In the broader equity market, the 30-share BSE Sensex traded 584.08 points lower at 70,481.94, and the Nifty fell by 159.55 points to 21,294.40.</p>.<p>For the reporting quarter, its overall revenue from operations declined 4.6 per cent to Rs 13,101 crore from Rs 13,734 crore in the year-ago period.</p>.<p>However, it was a sharp decline in operating profits, with margins narrowing to 5.4 per cent from 12 per cent in the year-ago period, which seems to have impacted the headline profit. </p>
<p>New Delhi: Shares of Tech Mahindra on Thursday plunged over 6 per cent after the company reported a 60 per cent decline in net profit to Rs 510.4 crore for the December quarter, largely because of a sharp squeeze in profit margins.</p>.<p>The stock tanked 6 per cent to Rs 1,322 on the BSE. It fell 6.24 per cent to Rs 1,320.05 on the NSE.</p>.<p>It was the biggest laggard among the Sensex and Nifty firms during the morning deals.</p>.Markets fall in early trade dragged by IT stocks, foreign fund outflows.<p>In the broader equity market, the 30-share BSE Sensex traded 584.08 points lower at 70,481.94, and the Nifty fell by 159.55 points to 21,294.40.</p>.<p>For the reporting quarter, its overall revenue from operations declined 4.6 per cent to Rs 13,101 crore from Rs 13,734 crore in the year-ago period.</p>.<p>However, it was a sharp decline in operating profits, with margins narrowing to 5.4 per cent from 12 per cent in the year-ago period, which seems to have impacted the headline profit. </p>