Mastek shares plunged as much as 5.70 per cent intraday on Wednesday after the company reported 9 per cent year-on-year fall in its consolidated net profit figures at Rs 5.86 crore for the quarter ended March 2016. It posted net profit of Rs 6.44 crore in the same quarter a year ago.
At 1.04 pm, shares of Mastek were trading 3.76 per cent down at Rs 148.60. The scrip opened at Rs 153.80 and has touched a high and low of Rs 154 and Rs 145.60, respectively, in trade so far.
Later, the scrip settled 4.08 per cent down at Rs 148.10.
Consolidated gross sales of the company also declined by 54.42 per cent to Rs 121.83 crore for the quarter under review compared with Rs 267.29 crore a year ago.
The company’s board also approved acquisition of 100 per cent stake in Cashless Technologies India Private for Rs 1 lakh and now, it will be a subsidiary of Mastek on completion of necessary formalities. Cashless Technologies was incorporated on February 2, 2016, by Sudhakar Ram, MD and Group CEO of Mastek, and Hiren Shah, Senior Vice-President, Mastek.
(With agency inputs)