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Mindtree in Nifty IT tanks over 11pc intraday

Bengaluru based IT Company Mindtree Ltd whose shares plunged about 11% intraday today after the company posted a 41.4% slump in consolidated net profit for the June quarter.

Shares of the company plunged one-year or 52-Week low level at Rs.670.95per share on the during Thursdays session.

The fall in share price is on account of disappointing results. The Company on Wednesday reported a 41.4% fall in consolidated net profit to Rs92.7crore for the June quarter. However, the company’s revenues advanced 11.9% to Rs.1834.2-Cr in the June 2019, in comparison with Rs1639.5crore in the year-ago period.

Mindtree witnessed its sequential net profit fall 53.3% from Rs.198.4-cr in March quarter, whereas revenue shrunk marginally from Rs.1839.4-Cr in the 4th quarter.

The Nifty IT index, in which MindTree is a component, is trading lower by 0.45% at 15,605.75.  MindTree is the top index loser, in the Nifty IT index.

Market barometers- Sensex Nifty- have turned even more reddish through Mid-session, Thursday. The Sensex declined 107 points to 39,108 and the Nifty50 down 41points to 11,646-levels at around 1.05pm, while the Midtree share price was quoted at Rs689.85 per share down by 8.11% from its previous closing.