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MindTree Ltd shares fell over 4 per cent in late morning trade on Friday.
At 11.05 am, the stock was trading down 4.26 per cent or Rs 59.25 at Rs 1,332 on the BSE.
The company reported a 31 per cent increase in net profit in the Jan-March quarter, but fell short of some analysts' expectations.
MindTree reported a weak quarter with muted sequential revenue growth, said Kotak Securities. The stock is expensive even after building in optimistic growth rates, it added. The brokerage has cut its price target for MindTree to Rs 1,300 from Rs 1,360 with a "reduce" rating.
It has also reduced FY2016-17 EPS estimates by 5-7 per cent due to higher-than-expected pricing pressure and increased investments.
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