Tech Mahindra hits 43-month low; tanks 17% on weak Q4 results

The stock tanked nearly 17% to Rs 358, its lowest level since October 2013, on BSE in intra-day.

Tech Mahindra  tanked nearly 17% to Rs 358, also its 43-month on BSE in early morning trade, after the company reported a bad set of numbers for the quarter ended March 2017 (Q4FY17). The stock is trading at its lowest level since October 2013.

IT services major Tech Mahindra said fourth quarter profits declined by 30% sequentially to Rs 588 crore as it saw project cancellations in its communication business amidst restructuring of Lightbridge Communications Corporation (LCC), a US firm it acquired in 2015. Revenues during the reporting quarter were down 1% to Rs 7,495 crore over the previous