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Mphasis falls 27% on weak results, hits year low
This article was posted on Feb 25, 2011 and is filed under Market News
Shares of IT and BPO company MphasiS plummeted by nearly 27% in early trade on the BSE today, hit by a sharp dip in net profit for the quarter ended January 31, 2011.
Yesterday, MphasiS posted a 15.5% decline in consolidated net profit to Rs 226.67 crore for the November-January quarter, as against Rs 268.27 crore in the year-ago period.
Reacting sharply to the weak numbers, shares of the company tumbled by 26.89% to hit a one-year low of Rs 458 on the Bombay Stock Exchange.
In a similar fashion, shares of MphasiS plunged by 26.95% to Rs 456.95 apiece on the National Stock Exchange.
Meanwhile, the BSE benchmark Sensex was quoting 8.75 points higher at 17,641.13 at 1002 hours today.
Source: Business Standard
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