Mindtree shares tumbled 5% after Macquarie's rating cut

Shares of Mindtree dropped nearly 5% on Monday morning after Macquarie cut rating post earning.

The company's stock was trading at Rs 454.85 per share on NSE, sinking by Rs 24.15 or 5.04% at 10.25 am.

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This Q2, Mindtree's net profit declined by 37.13% year-on-year (yoy) to Rs 94.8 crore, while total income from operations was down by 10.07% yoy to Rs 1182.5 crore.

Macquarie has cut Mindtree's rating to 'underperform' from earlier rating of 'neutral'.

In one year, the shares of Mindtree have fallen nearly 42%.

Source: Investing.com