MphasiS has slipped 6% to Rs 416 after disappointing results from its US parent, Hewlett-Packard (HP), on Tuesday. HP, which holds 60.53% stake in MphasiS as on March 31, 2011, has cut its sales forecast for the full year ended October 2011.
Meanwhile, MphasiS board will meet on May 26 to consider approving audited financial results of the company for the quarter and half year ended April 30, 2011.
For the first quarter ended January 2011, the IT consulting and software company had reported 14% drop in its net profit to Rs 209 crore as compared to the previous year.
The stock opened at Rs 435 and hit a low of Rs 403 on the NSE. A combined 250,000 shares have changed hands on the counter so far.
