MphasiS nosedives 27% on weak nos, hits year low

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.