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Mindtree shares plunge 8 per cent on disappointing first quarter results

In terms of traded volume, 7.32 lakh shares of the company were traded on the BSE and over one crore shares on the NSE during the day.

Published: 18th July 2019 05:32 PM  |   Last Updated: 18th July 2019 05:32 PM   |  A+A-

For representational purposes.

For representational purposes. (Photo | mindtree.com)

By PTI

NEW DELHI: Shares of IT firm Mindtree plunged 8 per cent on Thursday after the company posted a 41.4 per cent decline in consolidated net profit for the June quarter.

The company's stock dropped 8.07 per cent to close at Rs 691.30 on the BSE. During the day, it tumbled 10.22 per cent to Rs 675.05 -- its 52-week low. At the NSE, shares cracked 7.99 per cent to close at Rs 690.70.

In terms of traded volume, 7.32 lakh shares of the company were traded on the BSE and over one crore shares on the NSE during the day.

Mid-sized IT firm Mindtree Wednesday posted a 41.4 per cent decline in consolidated net profit to Rs 92.7 crore for the June quarter but exuded confidence in delivering "above-industry growth rates" in 2019-20.

The company, which has been in limelight over its hostile takeover by construction major Larsen and Toubro (L&T), had registered a net profit of Rs 158.2 crore in the corresponding period of the previous financial year.

Mindtree's revenues rose 11.9 per cent to Rs 1,834.2 crore in the June quarter of 2019-20 as compared with Rs 1,639.5 crore in the year-ago period. On a sequential basis, Mindtree saw its net profit declined 53.3 per cent from Rs 198.4 crore in March quarter.

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