India's Mphasis falls after report of losing key U.S. client to Accenture

Mphasis

02/06/2025 07:30

** Shares of Mphasis MBFL.NS down 2.8%

** IT provider's stock is the top pct loser in the information technology index .NIFTYIT, which is down 0.7%

** Livemint reports FedEx Corp.FDX.N selects Accenture Plc ACN.N for its IT work

** FedEx was one of MBFL's oldest clients; accounted for 8% of MBFL's $1.61 billion revenue in fiscal year 2024 - report

** MBFL did not respond to Reuters request for comment

** FedEx has been among MBFL's top 3 clients for at least 5 years, according to Ambit Capital

** Trading volume is 1.27 million shares as of 11:53 a.m. IST, nearly 2x 30-day average, data compiled by LSEG shows

** YTD, MBFL shares down 10.1%, NIFTYIT down 14.1% - exchange data

 (Reporting by Bharath Rajeswaran and Haripriya Suresh in Bengaluru)

 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))