MindTree shares tanked more than 18 percent on a cautious macro outlook, particularly in the UK market. The 18 percent drop also comes as the biggest intra-day loss for the mid-cap IT stock since September 2011. At 1.48 pm, MindTree stock was quoted at Rs 829.70.

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The stock opened at a loss of 6.533, continuing its downtrend from the last 2 days. During the period, it has fallen 15 percent, although the stock continues to outperform the Sensex by nearly 60 percent on an annual basis.

MindTree's September quarter profit surged 65 percent to Rs 206 crore. Macquarie has cut the stock’s price target to Rs 920 from Rs 940 and maintains “underperform” rating, while Goldman Sachs has cut the price target to Rs 1,394 from Rs 1,455, while maintaining a “buy” rating.

Nifty IT slumped 3 percent, or 458 points, to trade at 14,485 on Friday after investors were spooked on reports of Trump administration planning to revise definitions of employment and specialty occupations under H-1B visas by January.

As many as eight stocks out of 10 on the sectoral index traded negative with MindTree being the top loser on the index. Only NIIT Tech and Infibeam traded positive.

Speaking to CNBC-TV18, MindTree’s managing director and chief executive officer, Rostow Ravanan, said that the company was closely monitoring visa changes, but doesn’t see it as a big risk as its business model is de-risked from the vagaries of the visa regimes.

“We can probably make a more informed assessment only when we get the details but pending that, I think our business model is significantly de-risked from the vagaries of the Visa regimes. We have a fairly robust mechanism to recruit and retain talent in all the markets that we operate in,” Ravanan said.

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With inputs from Reuters