IT company Persistent Systems’ share price on Monday tumbled 9.7% to Rs 3,510.60 on the BSE, after the company guided for flat Ebit margins in FY25. This was the biggest single-day drop in the company’s stock price in the last six years. 

The company also reported a flat Ebit margin of 14.5% during the March quarter, against a market expectation of margin improvement during Q4. 

Sunil Sapre, CFO and executive director, Persistent Systems, said margin did not improve because of the deal ramp-ups in BFSI, healthcare and a couple of deals in the software high-tech segment, which led to a significant increase in headcount on site. 

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The Indian equity indices on Monday closed flat after a rangebound session. The Nifty 50 closed 33.15 points or 0.15% lower at 22,442.70. Sensex gained 17.39 points or 0.02% to close the day’s trading at 73,895.54. The losers included Titan Company, Adani Enterprises, BPCL, Coal India, and SBI. The Indian Volatility Index (India VIX) shot up 13.54%, indicating investor uncertainty and fear in the market. 

Sharp drop in sectoral indices 

The Nifty Midcap lost 273 points or 0.54% to finish the session at 50,662.20. Following the trend, Nifty Bank closed in the red, down 28.25 points or 0.06% at 48,895.30. 

On the sectoral front, PSU bank and consumer durables pulled the indices lower. In the broader market, smallcap and midcap stocks closed in the red.

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