On Saturday, Tech Mahindra announced that it has won the contract on a tender issued by the Indian Ports Association (IPA) to build a common shared platform on behalf of Kolkata Port Trust, Paradip Port Trust, Chennai Port Trust, Mumbai Port Trust and Deendayal Port Trust (formerly Kandla Port Trust).

The company will build and maintain an Enterprise Business System (EBS) to modernise and automate port processes for five central government-owned ports for Rs 350 crore including taxes in a first such outsourcing deal in the major ports.

The project implementation and stabilisation period is twenty months and operations and maintenance support is for five years.

Following this news, Tech Mahindra, in the opening bell session reacted strongly, going up over 2.5% to hit a high at Rs.780.05. Post this, the stock price has slumped and is now in the red.