Shares of Mphasis Ltd declined nearly 5% to ₹2,435 in early trade on June 2 after reports of Mint emerged that the company has lost one of its oldest and most significant clients. According to Mint, FedEx Corp. has chosen Accenture Plc to handle a substantial portion of its IT operations, ending a long-standing association with Mphasis.
FedEx contributed approximately 8% to Mphasis’ overall revenue, making this a notable setback for India’s seventh-largest IT services company. The development comes at a time when IT firms are already navigating a challenging macroeconomic landscape with delayed client decision-making and tightening tech budgets.
The report adds fresh pressure on CEO Nitin Rakesh to compensate for the business loss through new client wins or expanded services in other verticals.
At the time of reporting, Mphasis shares were trading at ₹2,435, down ₹123.80 or 4.84% from the previous close of ₹2,558.80. The stock’s market cap stood at ₹462 billion, with a 52-week range of ₹2,044.55 to ₹3,237.95.
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