New Delhi, Oct. 15 -- After the top-tier companies posted a sharp growth in IT revenues, investors have been looking for cues on how mid-sized IT companies were faring after covid-led disruptions. On that count, Mindtree Ltd's second-quarter numbers have been just about average. The stock of the mid-tier IT company dipped about 8% on Thursday, ahead of the results. But the shares are still about 100% higher compared to its March lows. The shares fell another 9% when trading resumed on Friday.

Mindtree's sequential revenue declined by about 3.1% year-on-year, and did not outpace expectations, unlike its larger peers such as Infosys Ltd and Tata Consultancy Services Ltd. Even so, growth in the banking and finance and retail and manufacturi...