Know why Mastek's shares are falling

Shares of Mastek Ltd. fell more than 2 percent after the company reported earnings that fell well below street's estimates on the back of de-merger related costs.

Mastek fell 2.6 percent, or 5 rupees, to 190.30 rupees with 260,500 shares changing hands on the National Stock Exchange.

The mid-sized software services provider reported first quarter sales fell to 133 crore rupees from 141 crore rupees in the sequential quarter. Similarly, profit plunged to 4.4 crore rupees in the April-June quarter compared with 12.1 crore rupees in the Jan-March quarter.

Mastek's market capitalisation has eroded 53 percent in the past six months to 434 crore rupees.

(Image credit: Indiatimes)