Tech Mahindra hits one year low; stock slips 45% from 52-week high level

Brokerages have slashed both target PE multiples as well as FY24 earnings estimate for the IT sector amid margin concerns

Shares of Tech Mahindra hit a one-year low of Rs 1,012.50, down 1 per cent on the BSE in Thursday’s intra-day trade. The stock price has almost halved from its 52-week high level of Rs 1,838 after the company reported weak margins during Q4FY22.

The stock of the information technology (IT) company traded at its lowest level since June 2021. It has corrected 45 per cent from its 52-week high, touched on December 30, 2021.

Brokerage firms have slashed both target PE multiples as well as FY24 earnings estimate for the IT sector amid margin concerns.

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