Tech Mahindra reported a muted revenue growth of 0.7% in constant currency for the first quarter ending June 2024, surpassing estimates of 0.4% to 0.5%. Despite this, the company's shares fell over 5%, making it the top loser on the Nifty 50 index following its quarterly results. The decline was attributed to a seasonal drop in the Comviva business, although growth was noted in the manufacturing, retail, and healthcare sectors. Brokerages reacted negatively, with UBS maintaining a 'Sell' rating and raising its target price to Rs 1,250 from Rs 1,215, while Citi also maintained a 'Sell' rating with a new target of Rs 1,260, up from Rs 1,150. Nuvama downgraded its rating to 'Reduce' with a target price of Rs 1,200, while Jefferies kept an 'Underperform' rating with a target of Rs 1,300. New deal wins totaled $534 million, marking the highest in the company's history, yet market sentiment remained cautious.