Mahindra Satyam shares drop after Q3 numbers

Shares of Mahindra Satyam slipped more than 1% on Friday after company reported 74% drop in its net profit for the quarter ended December, 2012.

The company said that the loss was due to settlement of legal claims of Aberdeen UK. The company's net profit was at Rs 80 crore after exceptional items.

The company's consolidated revenue met the street expectation and stood at Rs 1,940 crore, up by 13% year on year.

Commenting on the result, Chairman Vineet Nayyar said "With the settlement of the Aberdeen suit, the external litigation issues now stand concluded, freeing us to focus even more on the business-ready solutions for our customers".

Total headcount of the company stood at 36,956 as of December 31, 2012, a net addition of 169 over previous quarter and attrition stood at 13 per cent during the quarter.

Shares of the company was seen trading lower by 1.67% at Rs 117 on BSE at 9.40 am IST.

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