Shares of Persistent Systems Ltd. fell over 7% on Wednesday ahead of the company’s December quarter results and amid an over 1,200 point or 2% decline in the Nifty Midcap 100.
The IT company is expected to report a profit of Rs 346 crore and revenue of Rs 3,023 crore for the quarter ended December, according to consensus estimates from analysts tracked by Bloomberg. Analysts also estimate the company’s EBIT to be Rs 441 crore, with a margin of 14.59%.
Shares of Persistent Systems fell as much as 7.66% to Rs 5,445 apiece, the lowest level since Nov. 6. It pared some loss to trade 7.48% lower at Rs 5,445.40 apiece, as of 12:17 p.m. This compares to a 0.07% advance in the NSE Nifty 50.
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