Stock market crash: Mphasis, LTI Mindtree, Delhivery hit 52-week low; check details

NIFTY50 and SENSEX traded lower on Wednesday dragged down by a sell-off in the IT stocks. Around 1:30 pm, the benchmark NIFTY fell 83 points, or 0.37%, to 22,414. The BSE SENSEX also dropped over 229 points, or 0.31%, to 73,873.

As many as 192 stocks hit their lowest levels in 52 weeks on Wednesday, March 12, as the broader equity markets extended losses amid global uncertainty. The volatility index, or India VIX, was down 1.5% to 13.86.

NIFTY IT and the NIFTY Media indices were the top sectoral losers, down 3.71% and 1.70%, respectively. NIFTY Private Bank and NIFTY Financial Services were the biggest gainers, up 0.59% and 0.43%.

Delhivery (52-week low: ₹237.6)

Delhivery on Tuesday announced that it allotted 11.79 lakh equity shares following the exercise of vested employee stock options. The stakeholders’ relationship committee had approved the allotment on March 10.

Following this allotment, the company’s paid-up share capital has increased from ₹74.44 crore to ₹74.56 crore. The newly issued shares will rank equally with existing equity shares.

Tata Elxsi (52-week low: ₹5,242)

The correction in Tata Elxsi is in line with the decline seen in other IT stocks as the dollar index weakened during the past one week. The stock has been under severe pressure also due to the weak Q3 FY25 earnings it reported earlier in January.

The company had reported a 13.3% quarter-on-quarter decline in its net profit for the period ending December 2024 at ₹199 crore. Revenue stood at ₹939.2 crore, marking a 1.7% sequential decrease.

LTI MindTree Ltd (52-week low: ₹4,466)

Experts believe that the LTI Mindtree stock has seen a steep correction due to uncertainty related to the appointment of a new chief executive officer (CEO), poor margins and earnings downgrades.

Venugopal Lambu was appointed the new CEO of LTIMindtree in January 2025. He took over from Debashis Chatterjee, who has been leading the software services company since its formation three years ago.

Meanwhile, the company also reported a 7.1% year-on-year decline in its consolidated net profit for the December 2024 quarter to ₹1,085.4 crore. Revenue from operations, however, moved up 7.1% to ₹9,660.9 crore in Q3FY25 compared with a year ago.

Mphasis (52-week low: ₹2,170)

Leading IT services company Mphasis shares declined as much as 4.72% to hit a fresh 52-week low of ₹2,170.25 apiece on the NSE. Shares of Mphasis hit a year-low level amid the decline in IT sector stocks. The sectoral index, NIFTY IT, extended losses to fourth straight day. In the afternoon trade, NIFTY IT was trading 3.7% lower at 36,016.2. The turmoil in the US markets over the fears of a recession following Trump tariffs has also affected Indian IT companies, which majorly depend on the American territories for a significant portion of their revenues.

Major Indian IT stocks had also declined up to 5% on Tuesday following the US stock market crash on Monday.