Shares of Mahindra and Mahindra (M&M) pared early gains in Monday’s trading session to trade lower despite the company posting healthy third-quarter earnings for the financial year. The auto stock, which traded at an intraday high of Rs 1,383.85, fell nearly 3% today to hit an intraday low of Rs 1,325.

The stock was down more than Rs 21, or 1.5%, at Rs 1,343.9 a share at around 11:50 am, compared with Friday’s close of Rs 1,365.2.

The auto major’s profit in the October-December quarter of the 2022-23 fiscal year (Q3FY23) jumped 14% to Rs 1,528 crore, while third-quarter revenue soared 41% to Rs 21,654 crore, profit margin jumped 125 basis points, up 13% year-on-year.

Shares of M&M grew at a compound annual growth rate (CAGR) of about 13 per cent from the Rs 744 level in February 2018, outperforming the broader Nifty Auto index, ICICI Direct Research said in a report.

Shares of the Anand Mahindra-led auto company have rallied more than 62% in the last year, compared with a nearly 6% gain in the Nifty50.

The stock has risen 6% this year, while the benchmark index has fallen more than 2%.