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Shares of Tata Group’s design and technology service arm Tata Elxsi declined for the 12th straight day on Monday, marking its longest losing streak since July 2019.

The stock has declined close to 10 percent since December 1 and has declined over 41 percent from its 52-week high of Rs 10,760.40.

Previously, shares of Tata Elxsi fell for 12 days in a row between July 15 and July 30, 2019.

Tata Elxsi shares have been largely declining since the announcement of its September quarter results. The stock has lost around a quarter of its value since October 17 when the results were declared.

Brokerages also downgraded the stock due to the global slowdown and tight supply chain along with expensive valuations that the company's stock traded with.

Global brokerage firm Morgan Stanley in October 2022 gave an underweight call on Tata Elxsi with the target price at Rs 5,800 per share, implying a downside of 31.4 percent from the closing price on October 14, 2022.

The brokerage firm stated that macro-led slowdown and tight supply chain impacted the company's growth for the quarter.

For the July-September quarter, Tata Elxsi’s constant currency revenue growth went up by 4.7 percent as compared to the average growth of nearly 7 percent over the last four quarters.

The company said that supply-side challenges impacted the growth as it could not address new deals due to supply challenges, especially at the mid and senior levels.

Last week, the company announced the opening Digital Engineering Centre in Frankfurt Germany in order to expand its services to the mobility, media and communications, and healthcare sectors.

Shares of Tata Elxsi are trading 1.1 percent lower at Rs 6,360.