Mastek is among the top five losers on the BSE. The stock, which had closed yesterday at Rs.3413.40, opened over 5.5% lower at Rs.3220 and went down to an intraday low at Rs.2903, slipping down 15%. Its 20% LC for the day stands at Rs.2730.75.

Unlike majority of the IT companies which have all reported very good numbers for Q2FY22, Mastek posted a set of disappointing earnings.

Sequentially, its consolidated net profit was up marginally by just over 1.5% at Rs.81.53 and this was on a 3.5% rise in revenue at Rs.534 crore.

EBITDA margin was down 80 bps at 21.1% and this was on account of a 6.5% rise in employee expense.