Tech Mahindra stock price: Tech Mahindra's shares soared 13.2 per cent on Friday, marking their largest intraday gain in nearly eight years. The surge came after India's No.5 IT company unveiled a turnaround plan aimed at addressing declining revenue growth over the past three quarters.

As of 11:48 am, the stock was up 8.6 per cent at 1,292.25 rupees, leading gains on the Nifty IT index, which rose 1.8 per cent.

Despite the day's impressive performance, Tech Mahindra's year-to-date gains stand at 2 per cent, contrasting with a 4 per cent decline in the IT index. While larger rivals like Infosys saw a decline of 6.8 per cent, Tata Consultancy Services witnessed a 2.2 per cent increase.

Tech Mahindra, headquartered in Pune, outlined a three-year plan on Thursday, aiming to boost revenue and double operating margin to 15 per cent by fiscal 2027. The company reported a revenue decline ranging from 2 per cent to 6.2 per cent in rupee terms over the last three quarters, including the March quarter.

Brokerages responded positively to the company's turnaround plan. HSBC commented, "The new transformation plan looks quite sensible - acknowledging the need for investment in sales and cost management to expand margins. However, we believe the path to this turnaround is going to be challenging, at best."

However, concerns lingered regarding execution. Jefferies noted, "While management's plan is comprehensive, its execution amidst a weak demand environment carries risk."

Market leader Tata Consultancy Services missed revenue estimates, although it expressed optimism that a strong deal pipeline would drive growth in the current fiscal year.

Following the results, at least 13 analysts lowered their target price for Tech Mahindra, while two raised theirs. The median price target fell to Rs 1,289.50 from Rs 1,320.50 in March, according to LSEG estimates.

(With Reuters inputs.)