Sensex falls 600 points due to heavy selling in Tech Mahindra shares

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Mumbai: The stock market today lost the previous day’s momentum and fell by about half a percent as Tech Mahindra fell by more than six percent under the pressure of weak results for the third quarter of the current financial year. The net profit of Tech Mahindra, a major company in the information technology (IT) services sector, declined by 60.6 percent on an annual basis to Rs 510 crore in the third quarter of the financial year 2023-24 ended in December. Due to heavy selling by discouraged investors, Tech Mahindra shares fell by more than six percent on Thursday.

This created pressure on the market and BSE’s 30-share sensitive index Sensex plunged by 359.64 points or 0.51 percent to 70,700.67 points. Similarly, Nifty of National Stock Exchange (NSE) fell by 101.35 points or 0.47 percent to 21,352.60 points. At the same time, unlike the big companies of BSE, there was buying in small companies while the shares of medium companies slipped. Midcap fell 0.36 percent to 37,746.29 points while Smallcap gained 0.54 percent to 44,363.74 points. During this period, shares of a total of 3899 companies were traded in BSE, out of which 1681 declined while 2130 rose while 88 remained unchanged. Similarly, 34 Nifty companies closed in the red while 16 closed in the green.

The post Sensex falls 600 points due to heavy selling in Tech Mahindra shares appeared first on Dainik Savera Times | Hindi News Portal.

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