MphasiS BFL tumbles after poor results

DALAL STREET SPIKES

MphasiS BFL was hammered badly in Tuesday's trading. The stock ended 6.52 per cent lower after the company's disappointing December quarter results.

The stock was under selling pressure since the morning trade hitting an intra-day low of Rs 252, before closing at Rs 257.35, down 6.5 per cent from its previous close. The disappointing numbers set the tone for other IT stocks as well, resulting in sharp fall in stocks prices, said an analysts.

MphasiS BFL recorded a 5.7 per cent drop in consolidated net profit for Q3 ended 31 December 2004 to Rs 26.85 crore compared to Rs 28.49 crore in Q3 December 2003. The consolidated total revenue however, register a jump of 23.4 per cent to Rs 191.49 crore from Rs 155.09 crore.