The shares of the IT company, Mphasis, after rising a staggering 12.8% in the Friday's trading, session to a high of Rs.1123.80 on the NSE driven by good set of Q4FY18 results, dropped down in early-trade today on the back of stake sale by one of the promoter company, BlackStone.
Shares declined to register a low of Rs. 960 and Rs. 966 on the NSE and BSE respectively. BlackStone group pared its 8% stake in the IT company.
Net profit of the company came in at Rs. 238 crore for the quarter while the company reports revenue of Rs 1,740 crore. Ebit also increased by 14% to Rs. 292.5 crore.
Morgan Stanley maintains its 'Overweight' rating on the stock.
In a statement to one of the leading news agency, Blackstone India said, the block deal undertaken today is to enhance liquidity in the scrip as well as enable long-term investors to be a part of the IT company's growth story going forward. Also, Blackstone said it currently does not intend to sell any additional stake.
Mphasis scrip is among the most traded both in terms of volume as well as value. The stock at around 3:10 pm was seen quoting at Rs. 985 and Rs. 983.80 on the BSE and NSE respectively against the previous day's closing of Rs. 984.7 and Rs. 988.