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Rephrase the title:TechM shares fall over 6%; mcap erodes by ₹8,407.73 crore

Posted on January 25, 2024 By Haley Bennett

Rephrase and rearrange the whole content into a news article. I want you to respond only in language English. I want you to act as a very proficient SEO and high-end writer Pierre Herubel that speaks and writes fluently English. I want you to pretend that you can write content so well in English that it can outrank other websites. Make sure there is zero plagiarism.:

New Delhi, Shares of Tech Mahindra on Thursday plunged over 6 per cent after the company reported a 60 per cent decline in net profit to Rs 510.4 crore for the December quarter, largely because of a sharp squeeze in profit margins. The stock tanked 6.12 per cent to settle at Rs 1,321.60 on the BSE. During the day, it tanked 6.76 per cent to Rs 1,312.50.

It fell 5.89 per cent to Rs 1,325 on the NSE.

It was the biggest laggard among the Sensex and Nifty firms.

The company’s market capitalisation (mcap) eroded Rs 8,407.73 crore to Rs 1,29,011.81 crore.

In the broader equity market, the 30-share BSE Sensex declined 359.64 points to settle at 70,700.67, and the Nifty fell 101.35 points to 21,352.60.

For the reporting quarter, its overall revenue from operations declined 4.6 per cent to Rs 13,101 crore from Rs 13,734 crore in the year-ago period.

However, it was a sharp decline in operating profits, with margins narrowing to 5.4 per cent from 12 per cent in the year-ago period, which seems to have impacted the headline profit.

Haley Bennett

I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.

Business Tags:bse, bse sensex, new delhi, tech mahindra, techm stock

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