Shares of Tech Mahindra fell more than 6% following disappointing Q3 results. Kotak Institutional Equities and Nuvama retained their Reduce ratings. Kotak highlighted the long turnaround journey for Tech Mahindra despite healthy revenue growth, citing macro challenges and weak telecom outlook. Nuvama called Q3 earnings a mixed bag with an uncertain outlook, noting lower EBIT margin and weak bookings.