I believe it’s because of a couple of reasons. 1. Rev guidance is weak i.e. revised to 12500 Cr from 14000-15000 Cr. 2. Margins don’t seem to be improving and its guidance is also lower yet again. Even in general, I always thought there is this overhang of Xiaomi being the single biggest client for them. I had exited my position 2 quarters ago for the same reasons i.e. measly and non-improving margins and perpetual weak guidance.
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