Tech Mahindra drops 2.2% to ₹1,618.6, top IT index loser; Jefferies raises PT but keeps 'underperforming' due to margin drags.

• Stock down 2.2%, leading NIFTYIT's 0.7% decline amid high pass-through costs and operating expenses.
• Jefferies upgrades price target to ₹1,430 but maintains 'underperform' rating, 14% downside from last close.
• Analysts cite the 15% FY2027 margin target as positive, yet costs remain key challenges; stock rated 'hold' on average.