Surge in Open Interest for Tech Mahindra Amidst Declining Stock Performance
Despite this surge in open interest, Tech Mahindra's stock has underperformed relative to its sector, with a decline of 2.68% today, compared to a sector return of -0.63%. The stock has been on a downward trend, losing 2.46% over the past two days. It touched an intraday low of Rs 1,420, which is a decrease of 2.44% from the previous close.
In terms of liquidity, the stock remains accessible for trading, with a delivery volume of 8.28 lakh shares on March 25, although this represents a significant drop of 69.7% compared to the five-day average. Tech Mahindra's market capitalization is approximately Rs 1,38,663.80 crore, solidifying its position as a large-cap entity in the market. Overall, the increase in open interest amidst a declining stock price presents a complex picture of market dynamics for Tech Mahindra.
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