NIIT Tech shares tank 6.5% on Q2 profit fall

Shares of IT firm NIIT Technologies today slumped 6.5 per cent after the company posted a 9 per cent decline in consolidated net profit for the quarter ended September 30, 2016.
The stock tanked 6.53 per cent to end at Rs 411 on BSE. During the day, it tumbled 6.95 per cent to Rs 409.10.
On NSE, shares of the company plummeted 6.58 per cent to settle at Rs 411.30.
The company's market valuation declined by Rs 175.3 crore to Rs 2,521.70 crore.
NIIT Technologies on Saturday posted a 9 per cent decline in consolidated net profit at Rs 58.9 crore for the quarter ended September 30, 2016.

The company's net profit stood at Rs 64.6 crore during the same quarter in the year ago period.
Its consolidated revenues increased 2 per cent to Rs 692.9 crore in the reported quarter from Rs 679.3 crore in the July-September 2015 quarter.