Tech Mahindra shares drop nearly 5 percent as Q2 profit declines

Shares of Tech Mahindra dropped nearly 5% after the IT company reported a 61% decline in consolidated net profit for the July-September quarter. The company's net profit fell to Rs 505.3 crore, mainly due to reduced client spending. Consolidated revenue from operations also declined by 2% to Rs 12,864 crore. The communications, media and entertainment vertical saw the highest decline, followed by banking, financial services and insurance, and retail, transport, and logistics.

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