MTAR Technologies' stock witnessed a significant decline of over 12% during Wednesday's trading session following disappointing Q3 results. The company's shares have been underperforming and experienced a notable selloff in recent weeks. Opening at an intraday high of ₹1,798.75 per share on the BSE, the stock reached an intraday low of ₹1,683 per share. Analyst Rajesh Bhosale from Angel One noted, "Today's strong sell-off, with prices down over 11%, is characterized by a gap down and substantial volumes, suggesting a potential further decline in the near term. The next support level is anticipated at ₹1,580, while ₹1,900 serves as resistance." MTAR reported a significant decline in profit after tax, dropping by 66.8% year over year (YoY) to ₹10.4 crore in Q3 FY24 from ₹31.4 crore in Q3 FY23. Revenue from operations also decreased to ₹118.4 crore in the December 2023 quarter compared to ₹160.2 crore in the same period last year, marking a decrease of 26.1% YoY. Additionally, EBITDA declined by 47% YoY to ₹23.9 crore during the reviewed quarter from ₹45.0 crore in Q3 FY23.