Key Points
Shares of Tech Mahindra fell over 7 per cent in early trade on Monday following a sharp decline the Nifty IT index.. Tech Mahindra shares were down 5.17 per cent at Rs 1,030.65 apiece around 12:43 pm, in line with the broad-based weakness in IT stocks after weak earnings results by TCS and Infosys...
While all major IT stocks fell, Tech Mahindra shares fell sharply after global brokerage firm Citi downgraded the stock...
The brokerage firm changed its outlook for the stock from neutral to sell and even reduced the target price to Rs 955 from Rs 1,100...
Citi said Tech Mahindras growth could be negatively impacted by challenges across multiple verticals such as discretionary cuts and deferrals, vendor consolidation and pricing pressure...
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