Mindtree is the top loser on the BSE since the opening bell. The stock price went down over 8.5% to Rs.971, with an almost 2.5 times surge in volumes.
The market is disappointed with the company’s Q1FY19 performance. The revenue dropped 12% (QoQ) at Rs.1639 crore and net profit slipped 13% at Rs.158 crore.
Operating profit slipped 2% at Rs.188 crore while margins showed a much sharper fall from 13.1% to 11.5%.
The market is also disappointed with its outlook. It expects Q2FY19 revenue to be under pressure, lower than current Q1 but said that its growth expectations for the full year remain intact.