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The Tech Mahindra scrip on Wednesday plunged 14 per cent to Rs 549.10, its biggest loss since January 2009, after reporting earnings that missed analysts' estimates.
The company on Tuesday reported a net income of Rs 472 crore ($74 million) for the quarter ended March 31, missing the median Rs 723 crore forecast by 35 analysts.
The numbers were "impacted" by wage increases and some unfavourable movements in currencies, the Pune-based company said. Tata Consultancy Services., India's biggest software-services provider, and Infosys also reported sales that missed estimates as spending on information technology worldwide shrinks amid cost cuts.
"We have relatively large proportions of business in Europe, Canada, Australia and New Zealand and these were the countries that suffered the maximum slowdown," Executive Vice-Chairman Vineet Nayyar, told analysts on a call Tuesday. "The situation impacted a larger decline on Tech Mahindra than other companies."
