Shares of IT firm MphasiS lost over 14% in early trade on the Bombay Stock Exchange on Thursday after the company posted a 28% decline in consolidated net profit for the quarter ended July 31 to Rs 194 crore.
The scrip opened on a weak note on the BSE at Rs 394.95, then dropped to a low of Rs 338.75, down 14.40% from its previous closing price.
Similar movement was witnessed on the National Stock Exchange, where the stock declined to a low of Rs 371.30, down 6.32% from its previous closing price, after opening at Rs 395.
Marketmen said the decline in the stock was a knee-jerk reaction to its poor numbers for the quarter ended July 31 and overall weakness in the broader market.
The stock, however, made a partial recovery later and was trading at Rs 377.35 on the BSE, down 4.65%, and at Rs 377 on the NSE, down 4.88%, at 1004 hours.
On the volume front, over 1.72 lakh shares of MphasiS exchanged hands on the BSE and more than 5.18 lakh shares were traded on the NSE by 1004 hours.
Revenues of the company rose to Rs 1,293 crore during the quarter under review from Rs 1,279 crore in the same period a year ago.
On a standalone basis, the company reported a net profit of Rs 217.69 crore, down 9.57% vis-a-vis the same period last year. During the quarter, the company added 27 new clients.