The earthquake struck at 12:35 PM, some 83 kilometres east of Kathmandu near Mount Everest at a depth of 18.5 kilometres, the US Geological Survey said.
It had earlier measured the quake at 7.4.
The quake had its impact in several cities in Bihar, West Bengal and UP and tremors were felt across vast stretches of east and northeast India. It was also felt in China.
The quake hit Dolakha and Sindhupalchowk districts - one of the worst affected areas in Nepal's last month's temblor.
The 7.3-quake was followed by another powerful aftershock 30 minutes later.
According to aid agencies, at least four persons were killed and 12 others injured in Sindhupalchowk and several buildings collapsed in today's quake.
"All available helicopters along with Medical Team; SSR Team going to be mobilized to Dolakha and Sindhupalchowk soon," said Nepal's National Emergency Operation Centre.
Strong tremors were felt in the capital Kathmandu where people ran out of their houses in panic and some even started crying. Authorities appealed to people to stay in open field.
On April 25, a 7.9-magnitude temblor hit Nepal, killing over 8,046 people and robbing the country of its architectural heritage. It was 15 km deep.
Today's earthquake is one of the largest to hit Nepal after the April 25 temblor. It also triggered landslides in Nepal.
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