Tech Mahindra shares fall over 2 per cent as Q2 profit declines; mcap down Rs 2,500 crore

Tech Mahindra shares dropped over 2% after the company reported a 61% decline in consolidated net profit for the July-September quarter. The decline in profit was attributed to reduced spending by clients. The company’s market valuation also slipped by Rs 2,500.69 crore. Tech Mahindra saw declines in various sectors, including communications, media and entertainment, banking, financial services and insurance, and retail, transport and logistics. The Europe business declined by 8.6%, America’s by 0.5%, and the rest of the world by 11%.